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Re: Hey Linda ! Tell me what you think, please
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Posted by Ralph on December 04, 2001 at 14:52:57:
In Reply to: Re: Hey Linda ! Tell me what you think, please posted by Linda on December 04, 2001 at 06:57:56:
What will happen is they will take your payment as a "settlement" and your credit report will reflect this account as "charged off." This negative information on your credit report will lower your FICO score for a long time (7 years). Depending on the total amount owed, a fair settlement would be around 30% (especially in view of the long term damage to your credit report. Even if you paid them in full your credit report will have negative information.
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