Question : What will my credit report show if I choose to settle an old credit card account with a debt collector?
I would like to settle a few closed credit accounts that have been charged off and bought out by debt collectors. The collection agency is offering me a discounted rate to pay off this account. If I choose this option, will my credit report eventually show this account closed and paid off, as stated by the agency?
- asked by Kevin V
All Answers:
Answer #1
nothing good. It'll just show it as closed by thecredit grantor. The only difference is that itwon't show a balance due on that account. But it'sstill a negative when viewed by a creditor.
- answered by summit_of_human_intellect
Answer #2
Yes, if you are working with a credible collectionagency or debt counseling service. The "bad" partof your credit will stay on the credit reports for7 years after the LAST active action.
- answered by poetcomic
Answer #3
Think very carefully before you do this. Depending on your state, debts are only legallycollectible for a certain period of time. Inaddition, they can only be reported for a certainperiod of time. Depending on when the lastactivity was on your account, you may have passedthis time threshold, or are approaching it, butpaying a lesser amount will re-start the reportingtime clock. Do some research and find out whatthe statute of limitations are in your state. Youmay have to live with a crappy credit report forjust a little while longer until such time whenthe negative stuff begins to fall off.I'm notsaying that's the moral or ethical thing to do,but we're not here to judge anyone's moral compass(or lach thereof).
- answered by cardinalboy97
Answer #4
I wouldn't pay the debt collectors anything. Thedamage is already done, so put the cash away for arainy day.Like others said, seven years to clearnegative items from your credit report.
- answered by MusicMan5537
Answer #5
hello, i don't know how old this debt is but if itis older than 7 years on Anything .......fightback. i have learned thru personal experiance thedishonesty and bullying of both the big 3 creditreporting agencies (Experian,Transunion,Equifax)and the debt colection agencies. IF YOUR CREDITREPORT, AT ANY TIME, REFLECTS WHAT IS NOT TRUE (ORLEGAL)-WRITE THEM A LETTER STATING WHAT ISTRUE.THE SAME GOES FOR THE "DEBT COLLECTORS". GODBLESS YOU , 777
- answered by 777
Answer #6
it will still show on your fica score as'collected'
- answered by geezer 51
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