It is also not true that a settlement will necessarily keep you from getting future credit. Most loans are based strictly on your credit score. There is no appreciable difference in the credit score of someone who paid off a debt in full and someone who settles the debt as long as they happen at the same time. Much more important is how long ago the delinquency was. If you have to wait to pay it off, it will have far more impact on your credit score.
Further, you can negotiate how the company reports the debt to the credit bureau in your settlement offer. You can have them just report a zero balance and not report that it was even settled. I have done this for many clients.
How will a %26quot;settlement%26quot; rating on my credit report do to my credit?
Well it%26#039;s not exactly gonna help it and make people flock to you to lend you money.
How will a %26quot;settlement%26quot; rating on my credit report do to my credit?
idratherbefishin is right. Settlement means you didn%26#039;t pay the full amount you owed. If you were in the bank%26#039;s position, would you lend money to someone who has a record of not paying their debts in full? Who do you think will get stuck holding the (empty) bag?
How will a %26quot;settlement%26quot; rating on my credit report do to my credit?
It will look really bad do yourself a favor and pay the full amounts off
No comments:
Post a Comment