What will my credit report show if I choose to settle an old credit card account with a debt collect

I would like to settle a few closed credit accounts that have been charged off and bought out by debt collectors. The collection agency is offering me a discounted rate to pay off this account. If I choose this option, will my credit report eventually show this account closed and paid off, as stated by the agency?

What will my credit report show if I choose to settle an old credit card account with a debt collector?

Think very carefully before you do this. Depending on your state, debts are only legally collectible for a certain period of time. In addition, they can only be reported for a certain period of time. Depending on when the last activity was on your account, you may have passed this time threshold, or are approaching it, but paying a lesser amount will re-start the reporting time clock. Do some research and find out what the statute of limitations are in your state. You may have to live with a crappy credit report for just a little while longer until such time when the negative stuff begins to fall off.

I%26#039;m not saying that%26#039;s the moral or ethical thing to do, but we%26#039;re not here to judge anyone%26#039;s moral compass (or lach thereof).

What will my credit report show if I choose to settle an old credit card account with a debt collector?

nothing good. It%26#039;ll just show it as closed by the credit grantor. The only difference is that it won%26#039;t show a balance due on that account. But it%26#039;s still a negative when viewed by a creditor.

What will my credit report show if I choose to settle an old credit card account with a debt collector?

Yes, if you are working with a credible collection agency or debt counseling service. The %26quot;bad%26quot; part of your credit will stay on the credit reports for 7 years after the LAST active action.

What will my credit report show if I choose to settle an old credit card account with a debt collector?

I wouldn%26#039;t pay the debt collectors anything. The damage is already done, so put the cash away for a rainy day.

Like others said, seven years to clear negative items from your credit report.

What will my credit report show if I choose to settle an old credit card account with a debt collector?

hello, i don%26#039;t know how old this debt is but if it is older than 7 years on Anything .......fight back. i have learned thru personal experiance the dishonesty and bullying of both the big 3 credit reporting agencies (Experian,Transunion,Equifax) and the debt colection agencies. IF YOUR CREDIT REPORT, AT ANY TIME, REFLECTS WHAT IS NOT TRUE (OR LEGAL)-WRITE THEM A LETTER STATING WHAT IS TRUE.THE SAME GOES FOR THE %26quot;DEBT COLLECTORS%26quot;. GOD BLESS YOU , 777

What will my credit report show if I choose to settle an old credit card account with a debt collector?

it will still show on your fica score as %26#039;collected%26#039;