if i pay off a credit card for a settlement will it go off my credit report?

Answer 1

A paid negative is still a negative.

Even though they cannot legally re-age the account to make it run for longer than the original reporting period, by paying, it will "update" the account (updating is not re-aging) and make it look newer than it actually is - which will hurt your credit.

Never speak to collectors on the phone, always do everything in writing. Never sign your name to your letters, only print your initials or type your name in. Always send everything to them certified mail return receipt.

You can request that they remove the trade line upon payment.
They make deals like that every day.

Before you start talking payment with them, you should send a validation request. Find out if the amount they are claiming is the true amount, that they are licensed and/or bonded in your state if your state requires it, if you are still within the collecting SOL or past it and that they have a legal right to collect on that debt.

Look over your reports for any violations they are reporting and dispute them after you receive the green card back from sending your validation request.

After they have provided proper validation, then you might start talking payment. If you are out of the collecting SOL you are not bound to pay and have every right to notify them that the account is non collectible. But if you do want to pay and it is past the collecting SOL, you can negotiate the amount down quite a bit since your offer to pay is the only legal way they would be getting any money for that account.

And always demand that they sign an agreement that your payment will be considered payment in full and that they will delete their trade line from your reports.

If they send you a signed agreement, be sure to save that letter just in case they do sell the remainder of the account to another collection agency.

You might click on my profile and do some reading in the links I've provided - for the FDCPA, FCRA, etc. There is also a link to find the collecting SOL for your state.

Answer 2

This really hurts your credit. When my clients want to settle an old debt, the ONLY way I will do it is if my in-house attorney contacts the company and gets them to agree, in writing, that they will report to all 'big3' CRA's that the amount was 'paid in full.' They are willing to do this most of the time because they want to get paid. I know that doesn't help much now, but there it is..
This will remain for 7 years as 'settled for less than balance.'
You can dispute it, and possibly win - but the chances are only abou 30% - and that's if a good credit repair company does it.

Answer 3

No, it will show the amout as "Paid" or "Creditor settled for amount less than due"

Better than a charge-off though.

Answer 4

nope it just say that the debt was paid..and be careful about paying an old debt