Mortgage Loans

[summer0731]

Is it better to pay a debt in full or settle for less than the amount? 

The debt is old but the company who bought it has it reporting as July 2012. We've tried to have this fixed but it came back as "verified." I guess we're just screwed there. It brought our score way down and I'm trying to get it up. Any advice?

[webhopper]

Definately pay for deletion.... offer to pay in full in exchange for deletion from your credit report.

[summer0731]

They will not do a pay for delete; i've tried. They said they have to do "the right thing" and report the debt as "paid" or whatever to the credit bureaus. They will not delete. Next best option? By the way - it's IC System. And it's a small debt - $300. Has anyone had any luck in dealing with these people. This is the only debt that's somewhat recent on my report that I can pay.

[webhopper]

Have you tried paying the original creditor?

[beb86]

PAY IN FULL. personally I would never settle again, its like a big black mark on your CR. and mine was small ($500 debt settled for $150). Not only is it the right thing to do if the debt is big enough you will have to claim it as income on taxes 

[summer0731]

We did contact the original creditor. They said they don't put things on credit. That's why we only just found out about it. They said we COULD pay them but they can't delete it or update it because the collector holds the account now so that won't do us any good.

[beb86]

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summer0731 wrote:

We did contact the original creditor. They said they don't put things on credit. That's why we only just found out about it. They said we COULD pay them but they can't delete it or update it because the collector holds the account now so that won't do us any good.

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I would ask for a supervisor and talk to the CA about the PFD but wouldnt do ANYTHING unless you have it in writing from them