Re: Am I making a huge mistake? Settling old debts and SOLs
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Posted by scott (22.214.171.124) on November 07, 2003 at 15:01:39:
In Reply to: Re: Am I making a huge mistake? Settling old debts and SOLs posted by Cherokee on November 07, 2003 at 14:40:37:
I think you misunderstand the process here. Paying off or settling a chargeoff will not move your scores up 1 point. IF you settle on the old cc the collection agency, no matter what they tell you, will sell the remaining part to another CA who will turn around and place it back on your credit report. Now you will have an unpaid new collection AND a settle old collection. A settled account puts a profit/loss tag on your credit report. This is about as bad as it gets and I would not be surprised if your score went down as your old accounts would be updated. Thanksgiving is almost here. THis is the time most people put in their disputes. I would send in my disputes as no knowledge of account certified mail around november 18th. When you deal with out of stat debt you are dealing with the worst CAs out there who will drain your accounts and you will never get your house- or anything else.
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