Can you tell me what's the difference on your credit report of SIF-settled in full vs. BIF-bal

We have a credit card account in collections that we%26#039;ve been paying on faithfully for 15 months and the issuer has offered to %26quot;settle in full%26quot; for 40% of remaining balance (savings of almost $1700) - is this a wise move? Is a %26quot;BIF%26quot; light years better than an SIF? Will the BIF raise my credit score significantly more than the SIF? please advise : )

Can you tell me what%26#039;s the difference on your credit report of SIF-settled in full vs. BIF-bal paid in full?

As long as it shows paid with a $0 balance, it will make no difference since your talking about a account that is already in collections.

I did this several years ago and paid off 8 accounts that were paid as agreed and my score went up even though they settled for less then the full amount owed.

Be sure to get the agreement in writing before you pay them for your own protection.

Can you tell me what%26#039;s the difference on your credit report of SIF-settled in full vs. BIF-bal paid in full?

loan

Settled means you did not pay entire balance owed. Paid in full means your paid entire balance.

www.creditscorequick.com|||I gotta disagree with these answers.

For starters, if a potential lender sees an account was settled, that is a very bad indication. And it will also reflect that on your credit report.

Let me explain something to you. If you pay off a debt that is in collections....and I don%26#039;t care if it%26#039;s paid in full, settled, or anything else....it does NOT help your credit score one bit! All the creditor is required to do is show %26quot;paid%26quot; on your report with a zero balance. But all of the other negative information will still be there! It will still be a derogatory item, and it will still hurt your score.

So do this. Send this collector a negotiation letter. Offer to pay them their 40%....but ONLY if they agree to delete this from your credit report. If they agree, jump on it! But get this agreement in writing!

Remember, your goal here is to raise your credit score. What sense does it make to pay off a debt and not have it do that?|||I%26#039;ve gone through the similiar thing -- still a little bit painful,here is the resource help me out.http://creditreport.expertsupport.info/a...