Re: Negotiating settlement

Posted by Oyster on February 06, 2002 at 10:03:14:

In Reply to: Negotiating settlement posted by Oyster on February 05, 2002 at 17:54:39:

Thank you for the advice WC-- however, according to this site, the clock can't be "reset" on delinquent accounts (FCRA sec 605 c1). They are removed after seven years whether paid or not. So I'm not worried about that. I'd prefer to settle the charge-offs for a small sum and improve my credit for a number of reasons (new house, car, recently married, entering business partnership... etc). I'm assuming that I'll have serious leverage in the negotiations with creditors who've given up on me. I'd like advice on dealing with them so as not to leave money on the table. Will they settle for 10% of the balance? 5%? Can I negotiate to get the bad account erased from the credit report entirely?

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