Debt settlement and your credit report
Date: Tue, 09/01/2009 - 19:19
First of all, do all settlements show up as R-9? What the heck does R-9 mean? How long is it on your credit report for, and where is it found?
Also, I have heard it is better to settle before charge-off. But I was just told tonight by a Discover rep that all settlements are listed as R-9, so from that standpoint, if you are going the settlement route, it doesn't really matter if you settle before or after charge-off. Can anyone provide a little more insight on this?
Thanks!!
R-9 is a charge off/settlement/default and is the worst rating y
R-9 is a charge off/settlement/default and is the worst rating you can get. It will continue to show for 7 years from the charge off date.
Debt settlements are not positive. You are obviously not paying as agreed. It will tank your score.
Actually, I signed up for credit monitoring at the start of this
Actually, I signed up for credit monitoring at the start of this mess. It was 593, it is now 665. I realize debt settlements aren't positive. I am just in a bad situation and trying to reduce the bleeding is all.
Yes you may effect your score by going though settlement but cha
Yes you may effect your score by going though settlement but chances are, if you have an overwhelming amount of debt then how can you afford to get more loans? Your Debt to income ratio is way to high. Plus if you settle your accounts your opening up that extra income instead of paying endless minimums.
You don't have a credit score you have a DEBT SCORE and by making minimums you are just maintaining the debt. Watch MAXED OUT or In Debt We Trust. These films will tell you what kind of crooks they are at the banks and CCCS companies.
Not only just maintaining the debt, but it is how the credit car
Not only just maintaining the debt, but it is how the credit card companies get even more wealthy and powerful. See the article "Minimum Payments Help the Credit Card Industry" by Bob Lawless, a Professor at the University of IL College of Law:
"http://www.creditslips.org/creditslips/2009/09/minimum-payments-help-the-credit-card-industry.html"
Pretty much sneezing will lower your score, which gives the creditors carte blanche to raise your interest rates and make even *more* usurious profit.
But, most interesting, is that experiments prove that the person to *begin* negotiating has a leg up and will get a statistically better chance at arriving to an equitable arrangement.
So, if you need to settle your debt: make an offer!
