Can you have your credit card debt settled and still have them report it as Paid in Full?

Question

I am trying to decide if i should just try to pay off my cards in full, or settle for a lower amount. But I am trying to get my score higher, so settling for a lower amount would show up at "settled" on my credit report and have a negative impact on my score.

So is it possible to settle your debt with the agreement of the credit card companie reporting that the debt was "paid in full" instead of "settlement" ???

Answer 1

you may want to check with a debt counseling agency and ask them how to go about doing this, that is what they do..not sure about the settlement or paid in full but they could answer that for you.

Answer 2

No that is agianst the law. The company you has to report accurate info to credit bureau's. It has to do with the Fair Credit Reporting Act

Answer 3

When you purchased items the credit card company paid for the items in "full" to the person you bought them from.  You should pay the accounts off in full.

People with your thinking are what is driving this country into the ground. Oh I have too much debt, let me just walk away or try and "settle" the debt for half of what I borrowed.

Pay the debts off and keep your credit score and your character in tact.  People like me are tired of paying higher prices and interest rates for idiots like you.

I know the truth hurts, but you need to hear it. I just hope it sinks in.

Answer 4

they will report what you pay, if its paid in full, then it will be reported paid in full.

if you do a settlement, it will be reported so.

Answer 5

They can't put paid in full, as it wasn't.

Though if you pay it off your debt to income ratio will improve greatly.

I think your best bet is to contact a non-profit credit counselor.