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    glu2706's Avatar
    glu2706 Posts: 15, Reputation: 1
    New Member
    		  
    #1

    May 9, 2009, 09:12 AM
    Does settlement hurt my credit report ?
    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?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    May 9, 2009, 09:51 AM

    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
    glu2706's Avatar
    glu2706 Posts: 15, Reputation: 1
    New Member
    		  
    #3

    May 10, 2009, 04:15 AM

    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 !
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #4

    May 10, 2009, 05:29 AM

    Hello again, glu:

    The old creditor doesn't own the account anymore.

    excon
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