credit rating
Date: Sun, 08/01/2010 - 08:20
How long does it stay on your credit report if you do a debt settlement with each of your credit card companies>
As a general rule, 7 years from the date of last activity. Depen
As a general rule, 7 years from the date of last activity. Depends on what your status was....charged off, current....
A debt settlement affects your credit negatively, but on the oth
A debt settlement affects your credit negatively, but on the other hand, settling your debt will improve your debt to income ratio.
Let's see how: 35% of your credit score is determined by your payment history, 30% is by the amount owed, 15% by the length of credit history, 10% by new credit and 10% by the types of credit you used. The longer you don't pay, the more negative its effect is on the payment history segment of your credit score, until your debt is settled. On the other hand, when you settle the debt, the amount owed segment of your report.
