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"settled" vs. "paid as agreed"

Date: Wed, 07/30/2008 - 13:10

Submitted by lleavitt
on Wed, 07/30/2008 - 13:10

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Total Replies: 3


I am preparing to pay outstanding debt to several credit card companies. One has offered an amount lower than the outstanding balance to settle. They have told me that they will report to the credit bureaus that the account has been "settled". I have been told that when you want to repair your credit score, it is better to have on the credit report that the account has been "paid as agreed". The credit card company won't do that. I understand that this will negatively affect my credit score. If I pay the entire amount due, will they then report "paid as agreed"?


It has not yet gone to collection. I just refinanced my apartment in order to pay down my high-interest debt but want to be smart about the best way to rebuild my credit score.


lrhall41

Submitted by lleavitt on Wed, 07/30/2008 - 14:13

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Doesn't sound like you went too far past due. 30-60 days? You might be able to get them to remove the late payment history by writing a Goodwill letter vs payment on condition of a favorable reporting. They are under no obligation to report in-accurate info but you might be able to pour on the sugar to get them to remove the late pays.


lrhall41

Submitted by NASCAR_Devil on Wed, 07/30/2008 - 14:17

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