Debt Settlement - Effect on Credit Report
Date: Tue, 01/27/2009 - 12:27
I'm hoping to settle several credit card debts over the next 3-4 months. I've been told that the debt, once settled will say "settled" on my credit report. Obviously that is code to creditors that I did not pay in full, which negatively affect my credit report.
In the settlement process is there a way to negotiate some other note on the account instead of "settled", like closed by customer? Or just something less detrimental? I don't know if there's any give or take on this... Or if there's some way to limit the damage that's done to my credit by settling.
In the settlement process is there a way to negotiate some other note on the account instead of "settled", like closed by customer? Or just something less detrimental? I don't know if there's any give or take on this... Or if there's some way to limit the damage that's done to my credit by settling.
While you are on credit card settlement procedure, you may write
While you are on credit card settlement procedure, you may write a letter requesting the creditor to replace the term ???settled??? with an account status like ???paid in full??? that may not lower your credit report to any further extent. However it???s totally upon the creditors??? discretion to acknowledge your request.
