DebtClear

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Debt Settlement Tutorial

Updating Your Credit Report

If you agree to a settlement, your ultimate goal is to have the entry removed from your credit report entirely. If that is not possible, your secondary goal is to have the entry updated to "paid as agreed."

  • If the account has been sold, the third-party debt collector might not be able to update the original creditor record, but it never hurts to ask.
  • If the account has been assigned, both the original creditor and debt collector entries should be updated.

Either way, updating your credit report should be a non-negotiable condition of settlement. Be willing to walk away if they don't give you this concession, and negotiate this only after you have decided upon a settlement amount. Don't let them try to get you to pay more for updating your credit report, it doesn't cost them anything to do this.

> Lawsuits and Settlement