Paying old account in full

[720ismygoal]

Hi all,

I have three accounts that I settled(did not pay in full) since 2008 and they do not report or ever showed on my credit report. Today I called the creditors that I only settled with the payment and they told me if i pay them the remainder($150) that they will report all three accounts(for the first time) to the credit bureau to show that all three accounts were paid in full and paid satisfactory. Will adding three new trade lines to report paid in full and closed with no negative information help my credit score at all? if so how many points? if not then why not?

Thanks!

[webhopper]

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@720ismygoal wrote:

Hi all,

I have three accounts that I settled(did not pay in full) since 2008 and they do not report or ever showed on my credit report. Today I called the creditors that I only settled with the payment and they told me if i pay them the remainder($150) that they will report all three accounts(for the first time) to the credit bureau to show that all three accounts were paid in full and paid satisfactory. Will adding three new trade lines to report paid in full and closed with no negative information help my credit score at all? if so how many points? if not then why not?

Thanks!

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I would not play with this, they could easily report something different than what they say.

[Rain77]

TIA with webhopper.  I'd leave it be.

[JohnPTEX]

Agreed!!!  Just let it go and work on moving forward!  The last thing you want is them to start reporting it as a paid settlement or something, even though they said they wouldn't!

[RobertEG]

If they report a "settlement," dimes to donuts says they will also report the account as having been delinquent at the time of settlement.

The codes for reporting a settlement are based on delinquent accounts.  I dont think they can even report a "settled for less" on a non-delinquent account.

They would most likely have to report only closed, $0 balance to avoid negative impact.

I agree with others... very dangerous to have them report on the account, as it would most likely include some recordation of delinquency when paid.