Re: How does a credit settlement affect my credit? Is it worth it?

Posted by WHY CHAT (12.77.146.2) on March 08, 2003 at 10:34:55:

In Reply to: How does a credit settlement affect my credit? Is it worth it? posted by Lost Wandering... on March 07, 2003 at 14:07:41:

It really depends on how old the debt is, what State you are in and who you are dealing with.

If you are still dealing with the original creditor, then by all means try to settle. If, however, you are dealing with a collection agency, you need to understand that there is NO way of "settling" with a CA that will not cause problems.You cannot get a 1090C from a 3rd party collection agency,any balance will be resold to ANOTHER colection agency.

If you ARE dealing with a CA, and are close to, or past the SOL for your State, you are MUCH better off NOT paying and trying to get it off your reports with a validation/dispute.Any payment you make to a CA, when it is past SOL is a waste of $$ and counterproductive for your credit, as you are AFFIRMING the debt.

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