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I have settled credit card balances on me credit report. How long will they effect my score?
I used my credit cards to incur large amount of unsecured debt. When the economy fell, I lost my business and couldn't make payments. I ended up settling the debt for 25-30%. My once very high score is now only 675. I settled these debts almost two years ago. Everything else on my credit report is very good. How long will this settled debt effect my score? I was told that it will only negatively impact my score for two years? Is this true?

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