If I settle my unsecured debt with a creditor how

If I settle my unsecured debt with a creditor how will it impact my credit score? My understanding is that once I pay it off with the negotiated amount and it is reported zero balance, then my credit score should improve. Is my understanding is correct?

2 Answers

If you settle an usecured debt, then your score will drop between 70 and 125.


Is this a current account or collection account?

EIther way, settling an account does not positively affect your credit score.

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http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
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AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
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