Should I settle a collection account?

[Anonymous]

Hi.  I just found out that I have an outstanding debt with Chase Bank.  I had a checking account that I did not close when I moved out of state.  Apparently there was some sort of outstanding withdrawal on the account.  The lawyers office sent me the paperwork on the account and offered me a settlement.  This collection has never showed up on my credit report.  If I take the settlement offer, will the debt show up on my credit report as "settled for less than the full amount"?  Nothing has been sent to the credit reporting agencies so far but I am worried that they will send something once I settle the charge.  What should I do?

[Junejer]

Send the PFD (actually pay not to report) letter to them. If they agree (they really have no reason not to agree), then you will be in the clear. Make sure that you get it in writing.

[Anonymous]

Is a sample letter listed on this site?  Thanks for your help.

[Junejer]

Search PFD letters (there should be an abundance of them here) and change pay for delete to pay for not reporting. Also, don't put in anything about disputing the validity of the debt.

[Anonymous]

Send them a DV letter. Sounds kinda squirrelly that it's not yet on your CRs. They might not have a legit collection and could just be fishing. By sending the DV letter you protect yourself because they'll be a bear after you pay.

OK, I'm outta animal references.