I have an auto loan with hsbc bank that recently went to charge off status, A collection agency has contacted me to offer a settlement, My question is , will it hurt my credit report more to settle for less or should I pay the full amount to the original creditor?

Hello g:

A settled debt is the same thing as a paid debt and that's how it'll show up. If you can get them to accept less, do it - but get it in writing BEFORE you send the money.

excon

Thank you, should I settle with the original creditor or this collection agency? they must have just got this account in the last 60 days , thanks for your insight !

Hello again, glu:

The old creditor doesn't own the account anymore.

excon