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  1. #1
    Join Date
    Jan 2010
    Posts
    4

    Default How a Settled Debt Should Appear on a Credit Report

    I settled an account with a law firm (SEARS to be exact). I owed Sears $2400.00 on a $900.00 account. I ended up settling to make payments of $157.89 until paid. They socked me for another $1900.00 in court fees/interest. So my question is... want it reported to the credit bureaus that this is paid and i want the negative mark removed from the report; what do I request for: SETTLED IN FULL or PAID IN FULL? I was thinkming I should requested PAID IN FULL, that way it doesn't look like a lower amou nt was ettled for, because there was no lower amount. I paid what was owed plus another $1900.00. How does this work; will they send the letter to the credit bureaus or to me and I will have to send it in?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: How a Settled Debt Should Appear on a Credit Report

    If you settle a debt for less than the total amount owed, you can expect the credit report to reflect that. If the debt is paid in full, you can expect the credit report to reflect that as well - but paid in full means all of it, not only the part of the debt you incurred before defaulting. You cannot expect that accurate information will be removed from your credit report; if you wanted a "pay for delete" agreement you should have worked that out, in writing, as part of your settlement.

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