How to remove (and likelihood) of removing "settled for less than" on credit report
I have a $9,500 credit card balance that will go 90 days past due on on April 5. I have received a settlement offer for half of this, but am concerned about it saying "settled for less than..." on my credit report if I do this especially if I want a house loan in a few years. As I understand it from reading posts in this and other credit-related forums, it is possible to get "settled for less than..." removed from my credit report, but I would have to wait for an innacuracy (e.g. misspelling), untimely, misleading, incomplete, ambiguous, unverifiable, or unclear (questionable) to appear on the report. As others have stated on other forums, up to 80% of all credit reports show inaccuracies or something I can use to dispute the TL--This seems promising and would suggest that there is a high likelihood I will find something that would allow me to dispute the TL so that I wouldn't have to wait 7 years for it to fall off my credit report. How likely is it really to be able to remove a "settled for less than.." from my credit report within a few years or so, and if not, why not, especially given the high likelihood for inaccuracies in the report to dispute against?
The other option is to pay the entire balance completely, which may be possible with the help of a friend. However, if I pay the complete $9,500 balance on the account, the credit card company rep says that it will be reported as:
"-0- balance
R01 paid as agreed
account closed
paid up to date"
Is this the best way for it to be reported to minimize a negative impact (or maximize a positive impact) on my credit rating, and if not, what is the exact wording of the report I should request the credit card company use? Is it worth getting a written letter from them confirming that this is how it will be reported?
Thank you.
