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Paying Settlement

Member

Paying Settlement

I just agreed to settle $3,220 on a balance of $4.2k from a collection agency called MRS BPO. I had a charged off acount with Honda Fiance and decided to settle this matter before I start shopping around for a car. Since they only collect payments they couldn't advise how it would report on my CBR other than "settled for less than agreed" and suggested I call up Honda.  Anyone think it's worth a shot to call them and see if they could report it as "payed as agreed"? I'm not sure what direction I should take. I do hope my score improves now that it isn't reporting a full c/o.

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Regular Contributor

Re: Paying Settlement

Good rule of thumb on settlements. Don’t pay until you receive the settlement agreement in writing. If you call Honda and you get some rep on the phone who says sure we will mark it pays as agreed, get them to put it in writing. Verbal means nothing, technically could argue it l, but just a heck of a lot easier when it’s in writing.
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