topic Re: Pay in Full vs settlement on old debt in Rebuilding Your Credit

Pay in Full vs settlement on old debt

Anonymous — Wed, 16 Sep 2009 11:16:58 GMT

Good Morning - I need some advice from all of the experts out here (love the boards). I have slowly been working on rebuilding my credit over the past 1-1/2 years and just recently broke into the 600s (TU 612, EQ 619). I have one bad account on my credit report that has a balance of $334 (an old catalogue acct that I had forgotten about) and I just realized that although I have not received correspondence on it well over 2 years, it is still reporting as late each month - I think it is listed as a bad account/charge off.

I have the money to pay it in full, but would like to see if they would take a settlement first, and I have read on these boards about pay for delete. Can someone tell me how to approach this one? This is the ONLY thing that is still reporting as late, and I am going to try my hand at goodwill letters to a few other things on the report.

Thanks!

Re: Pay in Full vs settlement on old debt

llecs — Wed, 16 Sep 2009 13:41:41 GMT

Who is reporting the debt? The OC? The CA?

Re: Pay in Full vs settlement on old debt

Anonymous — Wed, 16 Sep 2009 15:43:27 GMT

From the looks of the report, it is still with the original creditor.

Re: Pay in Full vs settlement on old debt

llecs — Wed, 16 Sep 2009 16:37:05 GMT

If the catalogue company is the company listed on your CR, then send a PFD. I personally would offer 100% so as to improve your odds. Any settlement amount is up to you.