If I have a credit card company that is offering me a settlement for a charge account that has been charged off, and I decide to pay the settlement will they remove this from my credit and allow my Beacon score to increase or how does it work any suggestions?
2007-03-19 14:57:01 · 3 answers · asked by Deangelo6 1 in Business & Finance ➔ Credit
yes you should take it. First try to negotiate it down further, there's never any harm in that. Next agree to pay the settlement if they agree to provide in writing that the settlement payment pays the account IN FULL. That's important because if you pay less than the original debt they, or some attack dog collection agency, can at a later date come after you for the remainder, that's been know to happen. Once you pay it off check your credit report to make sure that account has been taken out of collections and reflects paid in full.
2007-03-19 15:25:33 · answer #1 · answered by douglas l 5 · 0⤊ 0⤋
Nope. Your score will tank just like you had not paid it at all. So if you settle, settle for as little as possible, and get it in writing before sending money, and they do not get any access to your checking account. Credit card collectors are scum and liars....that's their job.
2007-03-19 15:07:52 · answer #2 · answered by steve.c_50 6 · 0⤊ 0⤋
Go to www.suzeorman.com
this is a site about credit repair and maintenance, I believe that it is possible for you to still save your credit, if you ask them to remove their names off of your credit report, Suze has it on her site about how you should handle the whole situation. good luck.
2007-03-19 15:22:50 · answer #3 · answered by Ms. Q 5 · 0⤊ 1⤋