settled in full for less than the full balance

Date: Thu, 09/22/2005 - 09:24

Submitted by anonymous
on Thu, 09/22/2005 - 09:24

Posts: 202330 Credits: [Donate]

Total Replies: 2

how bad is having several of these on your report? I have worked out a deal with multiple creditors to pay 50% of the balance and they will accept it as settled in full for less than the full balance. One line of the letter they sent me states exactly "Your phone call and payment of the 40% settlement amount will satisfy your entire debt of this account." Can this line be used to go back later and dispute any derogatory information?

Hi Welcome to the forums. If you have a look in any credi

Hi

Welcome to the forums.

If you have a look in any credit report, you will find that the accounts are mostly shown as 'Paid in Full' or 'Paid as Agreed'. These two remarks are taken as positive remarks by the lenders.

However, if an account in the report is shown as 'Settled' or similar to that, it will hurt the credit file consistently.

If the creditors have not reported your accounts yet to the credit bureaus, you should get this thing very clearly stated. Any correct information once entered cannot be changed later.

Regards
Roxette

lrhall41

Submitted by roxette on Thu, 09/22/2005 - 12:04

( Posts: 4009 | Credits: )

setteled in full

my mortgage company is going to report the short sell as "setteled in Full" what does that mean on my credit report
and for future lenders

lrhall41

Submitted by on Fri, 04/03/2009 - 13:14

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