Good evening,
I'm hoping someone can give me some guidance/advice with this sitation.
My fiance opened an account at a local furniture store. The furniture was financed by a company called Crest Financial. To make a long story short, this account has now charged off. Because Crest only reports to Transunion, it is now currently showing as a charge off with 30, 60, 90 and 120 day lates on the payment history with Transunion only. Recently, she received a letter with a settlement agreement. Her full balance is $1400. They're willing to settle for $848. Upon calling them, they said they'd update her report to show as "settled" if she paid the lesser amount. If she pays the full amount, they'll update it to show "paid in full" with the lates still showing. After speaking with a supervisor, they stated they'd consider either a PFD or removing the lates if it was paid in full.
After giving her the news, she's pressing to pay the lesser amount. If she does, she'll still have the recent derogatory lates (l.ast date as 11/15/16) reporting. If she pays it in full and received an agreement in writing, they may erase the tradelines entirely or get rid of the lates. I'm just wanting some advice. In my eyes, paying the lesser amount could result in paying much more in the long run. We're looking to buy a home early 2017. I'd hate having trouble getting her Transunion up to where it needs to be because we picked the wrong option now. Either way, we have to accept one of these options, as we need it settled before Crest sells the debt to a collection agency and they report it to all three bureaus.
Any advice/guidance is greatly appreciated.
