How does "settling" a collection debt affect credit?

[nick1985]

I'll share a little tip with you guys.

sicko

 

[Eli]

sicko

^_^

 

[GuitarDaddy]

Quote:
Originally Posted by GuitarDaddy
I'll share a little tip with you guys.


sicko

Don't be hate-in , if you want more than a "little tip" all you have to do is ask

 

[rasczak]

hrmm, looks like i made a few mistakes when i settled my debt.

 

[DT4K]

Please quote everything in this thread that is wrong.

I'll wait.

You'll be waiting a long time then, because I'm not enough of an expert to give advice on the finer details of credit reporting.

But I've been on ATOT long enough to know that every single credit thread ends up filled with some correct information, some incorrect information, and no good way to be sure which is which.

Following bad advice can seriously damage your credit, which is why anyone who needs this particular kind of advice should get their information from the experts.

 

[DT4K]

After reading my post again, I realize that I exaggerated, so let me rephrase it.

The best advice you will get from ATOT is right here:

Go ask this question on Creditboards.com!

Some of the replies may have good information, but some of what you will see here in response to a credit related question will be incorrect information, stated as if it's fact.

 

[alkemyst]

QFT, those that settled and didn't have it reported are probably not looking at their full reports or the creditor didn't report anything to begin with (like a mom and pop rental)...

Also any settled debts are considered income about 99% of the time and you must report them to the IRS. It's unearned income at that point IIRC.