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Re: paid or settled charge offs


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Posted by Why Chat (209.240.198.61) on January 24, 2003 at 21:18:17:

In Reply to: paid or settled charge offs posted by letitia on January 24, 2003 at 20:18:26:


If you pay OR settle a charge off that is past the time for legal collection in your State you are probably decreasing your chance of getting it removed from your credit reports.

Therefore-- you are not going to help your "score" at all.

If, on the other hand, you are dealing with an ASSIGNED account from the original creditor, AND you can get a BINDING agreement from the OC to report it as paid,or settled AND get a 1099C for the difference, thus making sure it does not go to a CA,THEN
you are probably better off in the long run from a credit score and credit history point of view,plus, it is your last opportunity to actually pay what you owe to the creditor whom you owe it to.


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