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Re: settlement accounts and restarting the 7 yr sentence
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Posted by Why Chat (209.240.222.130) on April 12, 2002 at 13:32:50:
In Reply to: Re: settlement accounts and restarting the 7 yr sentence posted by cherub on April 12, 2002 at 09:41:48:
Generally speaking, whenever you "settle" or "pay off" a delinquent account, unless you have pre-negotiated an unbreakable agreement that they will remove it from your credit reports,it will start your 7 year reporting period over again. In addition, even if you have made a "settlement" with a ca. they can and do resell any "balance" to another ca.(if they REALLY eliminate any balance due, they are required to send you a 1099 for that amount, which is taxable income to you)
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