Credit Card Center Advertiser Disclosure†
03-13-2013 08:49 AM
I called up a CA and asked them about an account showing on my report. (I didnt own up to the debt) but agreed to delete if I paid in full or report paid as agreed if I paid half. I told them to put this in writing and here is what they me via email:
ABC Company., as acting agent for ABC INC has agreed to accept $433.89 as settlement in full on the above referenced account.
This offer is only guaranteed if we receive your payment of $433.89 in our office on on or before 3/13/13. If we do not receive the payment listed above by the due date, we reserve the right to modify the offer or revoke it in its entirety.
For your convenience, if you would like to make your payment online, visit our website at www.xxxxx
Then it goes on with the signature and address.. Should I accept this agreement? Does this promise that they will update to paid as agreed? How can I rebuttal if not?
03-13-2013 08:54 AM
What would worry me is any time you settle, the debt is considered paid. It is how they report. Even though they would all be looked at the same by FICO, on a manual review settled in full or paid in full looks better than settled for less.
I would get an email confirmation that your CR will be update to reflect paid in full or settled for full amount.
03-13-2013 08:59 AM - edited 03-13-2013 09:00 AM
I would not accept that offer. No where is it mentioned that you are paying for deletion.
The agreement was PIF for deletion, half for updating CR as paid in full or settled in full. OP is settling.
03-13-2013 09:12 AM
I see ..
What is the relationship between Settled in Full vs Paid in Full vs Delete? How is one different than the other? I know that Delete, is the best one, but would having a settled in Full or Paid in Full still show up as a negative?
03-13-2013 09:35 AM
Yes, settled and/or paid in full will not be any better for your score. FICO scores a collection the same in either circumstance. Getting it deleted is the best thing.
Settled in full doesn't really make sense to me as it implies full payment but I see it all the time. Paid in full is just that, you paid in full. Neither help your score.