Credit Q&A

An account listed "not paid as agreed" means that you settled with the creditor to pay for less than the full amount on your account. Debt settlement almost always has a bad effect on your credit report and will be listed there for 7-10 years, which means it will wreak havoc on your overall credit score regardless of your other accounts in good standing. If you negotiated with the issuer to settle for less than the full balance, then you can try asking the lender to change the notation on your credit report from "not paid as agreed" to a better notation of "current" or "paid as agreed" since you paid the agreed settlement amount. A more positive notation on your credit report could yield a better score.

But there are no guarantees that debt settlement will work for you or that it will even save you money, so the best you can do is try and pay your debt in full through instead or just deal with a less-than-perfect credit score for the time-being as you are settling your debts.

Filed under: Credit

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