I received the following settlement from Dell Financial Services:
Thank you for taking this obligation seriously and working towared a satisfactory resolution. Here is what you and Dell Financial Services have agreed to do:
You will pay one lump sum of $2118.20 on 01/16/2011 to Dell Financial Services.
Upon receipt and posting of the payment for $2118.20 Dell Financial Services agrees to close the account and release you from any future obligation for the deficit balance. This account will reflect as SETTLED IN FULL.
1. Notification of this agreement will be sent to all three credit bureaus.
2. By acceptance of this offer, you agree to hold Dell Financial Services harmless against any current or future claims.
Thank you again for your efforts in resolution to this matter.
Sincerely,
Dell Financial Services LLC
Note: The $2,118 I paid represents 50% of the original balance of $4,236.
My question: (1) Can they report the balance as being $2,118 (the half I didn't pay). I really hope not but let me know, thanks. Also, what are your thoughts as to this agreement.
Oh, one other question, because my "outstanding balance" is or will be lower, won't this help my FICO (due to the fact the "balances owed" is less?) I've seen many comments that "paying off charge offs" don't help your score but because of the above (i.e. outstanding balance zeroed out) this must--right?
