I just received a letter from Discover to settle a not so old C/off for 30% of the balance. They say "An update will be sent to the major credit reporting agencies informing them that this account has been settled in full for less than the balance." Advice?
DO NOT ACCEPT!!!!! That entry is worse than anything it says now! Settle for DELETION, nothing less...
I agee. Don't settle for that notation on your CR. Settle for full deletion and don't forget to get it in writing first. Good Luck.
I just got off the phone with Discover and their answer was "Nuts" ." Discover has a policy of not changing or deleting credit ratings for their accounts.Tale it or leave it." She also asked me my new address I told her that I also had a policy to not pay unless they deleted. and said goodbye.
Re: Discover offers to settle (from Don't. Brice Brown's new approach is not to negotiate deletions. It's their business decision and they should suffer the consequences. Saar
Re: Discover offers to settle (from Good answer! Never settle for anything less than a full deletion. anything they do to your CR will be bad, even if they just reage it to the day you paid..... best to just dispute the hell out of it.
Re: Discover offers to settle (from "An update will be sent to the major credit reporting agencies informing them that this account has been settled in full for less than the balance." kalinka WELL WELL WELL : Don't let Em do you any Favors. LB 59
Re: Discover offers to settle (from Today I tried again and got them to give me more time to "think it over". I got lucky and began talking to a nicer lady but as soon as we began talking turkry she "stiffened up". I think they have Q cards that they read because they all said the same thing. I asked her if they would take less money since they were screwing up my CR anyway-NO. I asked her if they could at least stop the automated reporting of the "settled for less in full" -NO. Asked if they would re-open the account with a $0 CL-No. I asked to talk to a supervisor- I"m a supervisor. I said everybody has a supervisor, even the CEO-NO. I'l keep bugging them for another week!! maybe I'l get lucky and get a humanoid to talk to me !
Re: Discover offers to settle (from 30 cents on the dollar for a R5 might not be a bad deal. After a year or so even less, in terms of your score. Seven years from the last date of activity and it's gone. Then again if it's 6 years old why bother. One thing about paying them off is the peace of mind you'll get. No more letters, calls, hards on your report, etc.
Re: Discover offers to settle (from DON'T DO IT!!!! I settled an account with Crap One a few years back. It had ALWAYS reported Paid Charge off. Well a year ago I contacted Mr. Cooke and he agreed to change it to an R5 "settled for less than full balance". Well here we are a YEAR later and he FINALLY fixes it to report just that. Well my score tanked!!! 40 freakin points!!! A paid charge off is better than the settlement crap. BUT honestly they need to be willing to negotiate. 30% is a good deal BUT why should you pay them a dime AND have your report suffer the same??
