Verizon Settlement Offer! What should I do?

[detdime83]

I had an account with Verizon Wireless from 2002-2005. The account was charged-off 2005 ($1163.66). Just contacted them regarding a PFD. They advised that they couldnt do that but if I settle the account ($700) in 14 days they would update as Closed/Paid in Full. Also, stated no settlement info will be reported. Will this action have a positive effect on my fico
?  I heard settlements are not too good, so just a little weary.

Help

[cobra19]

83.......I am sure folks more knowledgable than I will respond to you. But, one thing I do know for sure..............GET IT IN WRITING.

Ask them if they could delete the account when paid.

[scramblingin2007]

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detdime83 wrote:

I had an account with Verizon Wireless from 2002-2005. The account was charged-off 2005 ($1163.66). Just contacted them regarding a PFD. They advised that they couldnt do that but if I settle the account ($700) in 14 days they would update as Closed/Paid in Full. Also, stated no settlement info will be reported. Will this action have a positive effect on my fico
?  I heard settlements are not too good, so just a little weary.

Help

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This will NOT have a positive effect on fico, fico doesnt care that it is paid. it will stick with you until it falls off report. send another PFD.

[VLGaffEsq]

I agree with the other replies; counteroffer to settle, BUT only if they will agree to remove this item from your credit report, and GET IT IN WRITING.  Don't give up; be persistent!

[Anonymous]

you can send them a PFD  and offer the amount that you decide or the $500. They will mail you a letter on their letterhead!!!  check all wording as if not correct and you pay   thats it. Then you have to start sending GW letters & hope that they accept.

[Anonymous]

I once used a restrictive endorsement on a check once with verizon...they cashed it 2 months later deleted