Effect Of Settlement On Credit Report
Posted on November 5, 2009 at 4:09 am
what would be the effect of debt settlement on my credit report, how is it going to appear there? am I going to have a hard time getting new credit or a job if a potential lender/landlord looks into my report?
Posted on November 5, 2009 at 4:13 am
Effect of settlement on credit report
A settlement stays on your credit report for 7 years from the date the account was settled but it won't be on your public records, unlike bankruptcy.
And I don't know about your second question, I think it's a case to case basis for some lenders/landlords, plus there are other information in your report.
Posted on November 5, 2009 at 4:19 am
Effect of settlement on credit report
A debt settlement appears on the credit report as -
"settled",
"settled for less than the full balance", or
"settled in full."
Posted on November 8, 2009 at 6:53 pm
The effect of settlement on your credit report, in terms of creditor / lender feedback:
They may respond in one of two ways: They may either deny you of credit, seeing that you were not able to take care of your debt, and think that you have too much debt to handle. On the opposite end of the spectrum, they may grant you credit, thinking that it's a good sign for you to take steps to get rid of your debt without filing for bankruptcy outright.