I am currently attempting to fix my credit and trying to do it quickly. I had three accounts past due on my report when i ran it two weeks ago. Only the original accounts were listed. I called the OC's and all of them said they had been sent to collections. I am assuming that the CA's just had not begun reporting on my credit. I have not yet contacted any of the CA's I was told about by the OC's.
I was contacted by my creditor at work the other day. It was a CA representing my OC. They offered me a settlement for about a quarter of the balance and said the offer ends tonight. The agent claimed to have never heard of a pay for delete. She said that after the settlement, the credit bureaus would report the account as settled. I would like to know what that means for my credit.
Please help me find a direction to take. I am attempting to get this fixed in order to buy a car in October. the one I have now has a lot of issues and I need something more reliable.
Hi Newbie,
Whats best for you is something only you can decide. A settlement listing on your credit report does n ot look well for future lenders. The will see you settled your debt for less than owed and can very possibly deny credit due to that fact.
Now if your finances are horrible and you feel you can not pay the debt in whole then you may be better off with the settlement. his keeps all the interest from adding up and future collections that could lead to wage garnishment.
The only option that is not good is to do nothing at all. Make the choice by deciding what is best for you.