A credit debt settlement letter good enough for credit rating?
" This is your written notification that our client ABC Credit Card
will be accepting a payment of $1xxx, payable by .... 2005, as full and
final payment for the above mentioned account.
After ten business days of payment, you will receive a full and final
discharge.
Failing to honor this agreement will result in the settlement being
null and void and the full balance will be claimed including interest
charges. "
Is this letter good enough in terms that I can show this to any credit
bureau to restore my credit rating to good after the settlement? Do I
need to ask the collection to make more clear that they will delete my
account or show Paid as full?
If it appears on your credit report negatively, you have the right to a
rebuttal.
Depending on your other credit reporting activity, their file may or may not
make a difference.
I once had a judgement placed on me that showed up on my credit report.
But because I had the court document to show it was paid in full, the
creditor overlooked that judgement.
Kepp a copy of any statement they give you stating "paid in full".