I am looking to settle a Charge Off with Pinnacle Credit Services. The agreed upon amount would be $2000.00 to settle. They will change the credit listing as "Paid". But they said they could not accept a credit card payment for the $2000.00. They said they would have to transfer the debt to Nelson Watson because they can accept credit card payments and the agreement of terms would still apply. The guy said that Nelson Watson does whatever they want them to do. Does anyone know if my deal with Pinnacle will stand if my debt gets transferred? Secondly, I am looking in to a house purchase and my realtor swears that my charge off would not drop off of my credit report after 7 years. My charge off is approaching the 7 year mark. Does my realtor know what they are talking about or does the charge off really never drop off of your report?
What your realtor is talking about is probably a "full factual" report. It will contain everything, including items that you have had deleted. One of the times a full factual can be pulled is for a mortgage in excess of $150K.
