Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Report
Profile Image

Question By
253Tacoma

1 Contribution
1 Person Helped
Debt Collector Promises Paid in Full for Settlement but Original Creditor has Charge Off
The original creditor shows a charge off with balance of $0 on my account. They have sold it to a debt collection agency, who has not reported to the credit bureaus. The debt collector has promised that if I will settle, they will give me a finalization letter that says I paid in full. They say that with this letter, the original creditor will report it as paid in full (instead of settled, etc.) on the charge off on my credit report. I don't know if this is true and I'm afraid I will settle, hurt my credit more somehow, and it will be too late.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7344 Contributions
3805 People Helped

Helpful to 0 out of 1 people

The purpose of Credit Karma is to teach people how credit works and they do so very well through the articles presented here.  Please take the time to read them.  I did and have benefitted greatly from this knowledge.  You can, too.

Reply by
253Tacoma

1 Contribution
1 Person Helped
Helpful to 1 out of 1 people

Thank you for your response! I've read a great number of articles that in some way relate to this question both on and off KC, but cannot find a solid answer to my question, which is why I asked. I did attempt my homework before I got here and thank you for reaching out. If you have a specific article in mind, please feel free to link it, as I do not see an answer to my question. 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.