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paying off or settling a debt


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Posted by slowly learning in CA (68.120.240.13) on May 03, 2004 at 01:49:28:

I have a $1200 unsecured debt. Two separate agencies have contacted me about making payment arrangements for it. Capital One will pay off the old debt and report it as "paid" (giving me a #9 ranking in a scale of 1-9 which I don't understand), then have me make monthly payments to them with 10% reduction after the first $100 is paid. A collection agency will cancel half the debt off the bat, but report the debt as settled (giving me a ranking of #5).

Can someone explain how much of a difference there is between a paid debt and a settled debt? Will they remain on my credit report for the same amount of time? Can I negotiate to have them remove it from my record, or is that unheard of? Any info about the scale system would be appreciated as well.

Thanks


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