Hey all - it has been eons since I have posted here, after rebuilding my own credit from high 400s-mid 700s. However, my good friend Gina has recently had a charged off loan with RISE Credit (after only 60 days, which I found crazy odd), whom I am very unfamailiar with. They are offering her 50% to settle it before they sell to a CA (about $700), but will report the loan charged off whether she pays, settles or does nothing. From here, I have learned that a paid charge off is as bad score wise as unpaid CO -- so the question is: Should she even bother at this point? I told her that if they sell to a CA it could pop up on the report too, further driving score down (scores are already very low due to divorce and major COs/Delinquencies, 500ish). . But she was told by a rep that a CA may settle for even less, and right now saving her money is our main goal, not maximizing credit scores. She can get the $700 to pay the settlement offer, so should she, or should she let it ride out?
No idea who RISE usually sells to, as I havent heard much on them. Any input on options would be great !! Thank you!
