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Past the SOL - is there really any point to settle now?


BigMike
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I'm just curious to know what others have done in my situation. I've got quite a few CA willing to settle for peanuts, however, none of them are willing to delete the trade-line.

So my question is, is there really any point in settling with these people other than peace of mind. Is it still possible to re-build my credit with these CA on my credit reports?

I've got a little under 3 years to go before everything falls off anyways.

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If you're dealing with JDBs, I, personally, would not pay. Even if they did agree to delete the entries, how do you know for sure they truly own the debt?

The only possible positive would be that a future creditor might look at the fact that you settled and paid as a good thing. But we don't know for sure that creditors would examine your CR that closely. Even if they did, it doesn't mean they'd be that impressed that you paid.

Take heart. The older a negative entry becomes, the less effect it usually has on your score. If you have positive accounts that you keep current, that helps even more. Keep everything current, be patient, and you will repair your credit.

I have a friend whose mother had to declare bk (Chapter 7). Within 2 years, she began receiving credit offers again.

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Thanks BV80 : )

Can they still win in court if they decide to sue me down the road? I have no problem going to court to fight them.

I can pay the settlement with all CA - I just feel I wouldn't get anything more out of it other than a thank you smuck, enjoy the crappy credit for updating your payment status. lol.

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That's a great find BV80.. I read that article you posted earlier today. It's packed with a lot of good information. It's funny, none of CA ever mentioned the fact the accounts where way past the SOL.

One thing that has me irritated, is my recent settlement with Discover. In our agreement of settlement. My credit report is supposed to say "settled for less than agreed" - closed. However, my file was updated today just showing as if i made a payment.

I do have this in writing as well.

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That's a great find BV80.. I read that article you posted earlier today. It's packed with a lot of good information. It's funny, none of CA ever mentioned the fact the accounts where way past the SOL.

One thing that has me irritated, is my recent settlement with Discover. In our agreement of settlement. My credit report is supposed to say "settled for less than agreed" - closed. However, my file was updated today just showing as if i made a payment.

I do have this in writing as well.

I'd first dispute with the CRAs and give that exact reason. If it were me, I'd dispute with the CRAs by mail, and include a copy of the agreement highlighting the relevant section.

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Lenders are a party to a subscriber agreement with the CRA's, which provide that they may not accept settlements that includes a "pay for delete" clause, which is why most lenders actually wouldn't. The question remains, what about a softer deletion clause, like one that says the lender will not actively delete the paid account, but it will not respond to CRA disputes either, effectively deleting the tradeline not by operation of the contract, but by operation of the law (FCRA).

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