Bank of America Reporting Account As Settled
Date: Fri, 09/29/2006 - 03:48
I owed $4689 and they settled it for $1280. Only thing is that BOA will only report it as "Settled".
Does this have any effect?
I don't know the effect this would have on your credit score, bu
I don't know the effect this would have on your credit score, but potential creditors will know that BOA settled for a lesser amount of the balance owed. Will BOA remove the late payment reports to the account? This would look a little better than late payments showing in the payment history along with "settled."
On the other hand, it also shows potential creditors that you did make the effort to settle the account rather than let it be charged off as a bad debt. Hess Kennedy should be able to advise you as to the impact a report of "settled" will have on your credit scores with each credit bureau.
I have also put my BOA cc account in my settlement plan, so at least now I know what to expect as far as how my settled account will be reported.
You should ask your settlement company if they can negotiate wit
You should ask your settlement company if they can negotiate with BOA for a better credit rating. "Settled" status doesn't look nice on the credit file. It actually hurts the scores. But the reason it is getting reported in your file is because you underwent the settlement program. A sound negotiation on this can provide better results.
