Settlements on Credit Report

Hi Kathryn

Welcome to the forums. You should always look for the two positive remarks that boost up your credit ratings. They are "Paid in Full" or "Paid as Agreed".

Never let "Settled" appear in your credit report. It is a derogatory remark and will stay on your file for the next 7 years after reported by your creditors.

You can negotiate with your creditors at the best to settle a particular account. But, always ensure right from the beginning stage on how your accounts will be reported to the credit bureaus.

Regards
Roxette

If you have already paid the debt off is there any way to get the wording change?

After the debt is paid, the creditors report to the bureaus with the account information. Once it has been reported and is not found to be in dispute, it will stay in your credit report.

Thank you. I will definately keep that in mind.

Before paying any debt off on your report, you should in writing have them sign and agree to a postive correction of your account on the credit report. If you do not most will just change the amounts/etc.
Dont trust them, get it in writing.

Can you not send a letter asking them to change the remarks *after* paying? I hope this will work because in an attempt to clean up my credit, I just started paying people off. I wasnt educated at that time :(

If negative information has already entered in your credit file, it cannot be changed in anyway. Only legal authorities have the right to do so.

However an unpaid account will be updated as paid in the credit file so that you can acquire a better financial standing.