Convergent - Verizon Collection

[dfitzg]

Should i accept their $37 settlement for a $160.00 Charge off. 

Any chances of doing A PFD directly with verizon ? 

[Anonymous]

I have an old charge off with verizion that I paid with a settlement.  They will mark it a PAID COLLECTION but they refuse to take off.  Mine has about 1 more year until it hits it 7 year mark.  I call them all the time and ask for it to be taken off and they keep saying no.  I have sent in letters and they say no.  so it is there STUCK for 7 years...but it's not going to stop me from trying.....   Take the settlement and try to get them to delete if not...call and keep asking!

Good Luck!

[RobertEG]

Apart from any credit reporting issues, it will discharge a delinquent debt, and thus is advisable purely from removal of any future impact of having an unpaid, bad debt.

From a scoring perspective, it wont help unless they agree to a PFD, which from posts in the forum seems very unlikely with Verizon.

Next best thing is to save a bit of $ by taking the settlement for less, with the added condition that they not report settled for less to the CRA.

Absent that additional special comment, it will then appear in your credit report the same as if it had been paid in full.

Settled for less is always a bad statement in any manual review, in that it advises others that you have a history of not paying the entire debt you accrue, and thus if you repeat that pattern, lending to you will result in a loss.   That could be basis, totally apart from your score, in denial of new credit.

I would thus recommend accepting the settlement offer under the additional condition that they not report settled for less to the CRA.