I have a collection with Creit Solutions Corp that is time barred but just hit my reports and tanked my scores. I still have another 18 months until it’s removed.
I said no to this but wondering if anyone has heard of debt rewrite. If I agree...which I’m not doing...to a new loan with them ( or their parent co ) it will appear as a new trade line and start reporting positively. That “loan” would then make the collections account closed and paid. I would now have three accounts on my report including the OC.
It won't reset anything. They're closing the open collection which will then stop hurting your scores with new updates for the remainder of time it's being reported. Since they're about to lose out on that money, they're offering to create a positive tradeline in exchange for the money you owe. Some banks will give you a credit card that you'll be able to use once it's paid off. This is typically better than a payment arrangement as that could renew the SOL and would be a huge problem if you missed a payment. It's actually not a bad deal for someone who wants to pay off their debt. Their score stops getting dinged and they get a new tradeline showing current. But, with how close you are to it being deleted, it may not be worth the time and effort.