Debt settlement is successful but Discover keeps status on credit report
Q: I successfully settled $17,000 in credit card debt with my credit card company. I owed $7,300 to one bank - settled for $3,150, and $9,700 to another - settled for $4,000. While getting these debt settlement deals feels nice, especially whenever I look at my check book counting all the money saved and realizing again that I made it happened with no help, the fact that Discover refuses to change credit report status to something like Paid as Agreed, makes my settlement victory somewhat bittersweet. BoA was much more cooperative and did change it after some nagging. Is there anything I can do?
A: Nicely done, I am a bit surprised that the bank agreed to change your credit report status. Normally it happens when you reach debt settlement with collection companies. I don't really think something can be done at this point. Once you settle debt, it is often hard to change the settlement terms. Creditors, in this case Discover, realize that you had some valid reasons to settle, instead of declaring bankruptcy or dragging the whole thing indefinitely. The deals you got are quite nice in both cases. Too nice some will say. So take this debt settlement and start on paying debt off.
Tue Aug 4, 2009 12:08AM | Copyright: www.bad-credit-advisor.com | More in Credit Report Dispute | Comments (0)
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