Report Settling a debt...credit report? in Debt Settlement Posted September 19, 2020 On a debt that's already a few years (2-3) old would it be a good or bad thing to settle? It's for a CC. It was already charged off and sold to a collection agency, I'm guessing this new place bought the debt? No idea how it works. So my question is will it help my score/report at all or hurt/keep it right around where it is...which is bad..very bad.