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Verizon Settlement Offer! What should I do?

Established Member

Verizon Settlement Offer! What should I do?

I had an account with Verizon Wireless from 2002-2005. The account was charged-off 2005 ($1163.66). Just contacted them regarding a PFD. They advised that they couldnt do that but if I settle the account ($700) in 14 days they would update as Closed/Paid in Full. Also, stated no settlement info will be reported. Will this action have a positive effect on my fico
?  I heard settlements are not too good, so just a little weary.
 
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Current Score: 493
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Message 1 of 6
5 REPLIES
Valued Contributor

Re: Verizon Settlement Offer! What should I do?

83.......I am sure folks more knowledgable than I will respond to you. But, one thing I do know for sure..............GET IT IN WRITING.
 
Ask them if they could delete the account when paid.
 
 
 
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Message 2 of 6
Established Contributor

Re: Verizon Settlement Offer! What should I do?



detdime83 wrote:
I had an account with Verizon Wireless from 2002-2005. The account was charged-off 2005 ($1163.66). Just contacted them regarding a PFD. They advised that they couldnt do that but if I settle the account ($700) in 14 days they would update as Closed/Paid in Full. Also, stated no settlement info will be reported. Will this action have a positive effect on my fico
?  I heard settlements are not too good, so just a little weary.
 
Help


This will NOT have a positive effect on fico, fico doesnt care that it is paid. it will stick with you until it falls off report. send another PFD.
Message 3 of 6
Regular Contributor

Re: Verizon Settlement Offer! What should I do?

I agree with the other replies; counteroffer to settle, BUT only if they will agree to remove this item from your credit report, and GET IT IN WRITING.  Don't give up; be persistent!
Message 4 of 6
Moderator Emeritus

Re: Verizon Settlement Offer! What should I do?

you can send them a PFD  and offer the amount that you decide or the $500. They will mail you a letter on their letterhead!!!  check all wording as if not correct and you pay   thats it. Then you have to start sending GW letters & hope that they accept.
Message 5 of 6
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Established Contributor

Re: Verizon Settlement Offer! What should I do?

I once used a restrictive endorsement on a check once with verizon...they cashed it 2 months later deleted
Message 6 of 6