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Toadallyunsure

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Credit Settlement PAID IN FULL with a settlement code. What does this mean?
I've been offered to make a settlement payment for 70% less than I owe. Once I pay this settlement offer, they will notify the 3 credit bureau's PAID IN FULL. How will this affect my credit?

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Is this a collection account?  If this is a bad account, I think it may be better to have them delete it entirely rather than saying it has been settled/paid in full.  I have a list of the Credit Bureau Status Codes and if they are going to use #13 (Paid or closed account/zero balance) and there are no recent late payments (within 2 years of today's date), then you should be OK.  Be sure to get it in writing, just in case you need to show the bureaus they agreed to do this.  Best of luck!

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