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Settlement on accounts?


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Posted by Robyn (209.203.87.66) on January 14, 2003 at 10:25:58:

Does anyone know how a settlement will affect the credit rating? My husband has an account from before we were married that has gone to an outside collection agency. We have been meeting their minimum requirements and they have now sent a letter stating that they are being allowed to negotiate a settlement. I know that once the debt will drop in 7 years from his credit report, but will doing a settlement and paying off less than the remaining balance hurt it further? Any advice will be welcome. Thanks!


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