debt payment. Have question, owe 25,0000, sims say

debt payment. Have question, owe 25,0000, sims says that I pay 5000 and debt is settled on credit card. Will enhance my credit rating because it was settled. Just settled for less amount. is that true? hram8@aol.com

1 Answers

Yes, it is true. But, settlement hurt your credit score adversely. Negative items will remain on your credit report for at least 7-10 years. Late payments may hurt your credit score by 35%. That’s why it is better to repay the debt through settlement as soon as possible. Once the debt is settled, you can request your creditor to update your account status as “Paid-as-settled” and remove the negative listings from your credit report.
 


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