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SOL = Statutes of Limitations-- time they have to sue you.
DV= Debt Validation
For the medical, visit the med debt board-- see link below.
Read the various links below, helpful information there.
I think Settled is worse that Paid in Full.
But the best thing would be a PFD (Pay for Delete). Instead of paying and they update to Paid in Full or Settled, you pay and they remove it completely. Of course, they have to agree. Search the forums for PFD for more details.
Some lenders prefer to see "paid in full" versus "settled".
What is the current status of the accounts?
An account marked settled is scored the same as an account that has been charged off. So, settling could be worse than PIF in terms of score, depending on the current condition of the account.
@Anonymous wrote:An account marked settled is scored the same as an account that has been charged off.
So in terms of your finances vs credit score, you're better off not taking a settlement offer, keeping your cash, and having the creditor report a chargeoff for 7 years (unless it's a student loan).
Mike14 wrote:
@Anonymous wrote:An account marked settled is scored the same as an account that has been charged off.
So in terms of your finances vs credit score, you're better off not taking a settlement offer, keeping your cash, and having the creditor report a chargeoff for 7 years (unless it's a student loan).
If it is already a CO, settling shouldn't change things in terms of settled vs PIF.
Paying a CO that is reporting a balance(even settling if the balance will be marked at $0) could help if it the account is still factoring into your util%.
If these are collections being reported by a CA, then there shouldn't be a difference to scoring between settling and PIF, as collections are score the same, whether paid or unpaid.
Your best option would be to try to negotiate a PFD.
Are these beyond SOL? What is DOFD? Have you DV'd?
SOL = Statutes of Limitations-- time they have to sue you.
DV= Debt Validation
For the medical, visit the med debt board-- see link below.
Read the various links below, helpful information there.