Goku asked in Business & FinanceCredit · 1 month ago

If you “settle in full” with a collection agency, do they still report with the credit bureaus?

So I was sent a letter from a collection agency with an old Comcast account. They gave me an “Offered amount” to settle the debt and close it out. I asked nicely for a letter in writing that they will not report the debt with any credit bureaus. They said they will not be able to do that. But assured me that I will be sent a letter within 72 hours stating that the account has been settled and closed out. They did tell me however that if I make the payment, they won’t report it. Should I trust them? I mean, it’s not like the account is on my credit now, I’d just have to hope that once I pay it, they hold their end of the deal and not report it after I settle the debt.

What do you guys think? Am I not being trustworthy? Or do debt collectors typically lie about not reporting to get you to pay, and then report anyway? I’ve looked up cases where debt collectors will report as “settled in full”. This is still negative. I don’t want them reporting nada If I’m to pay anything at all.

What should I do?

7 Answers

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  • Who
    Lv 7
    1 month ago

     ask as nicely as you like - it aint gonna happen

    it went to a collection agency cos you failed to pay debt - that is a fact and repaying now aint gonna change that fact, and that fact is already on your credit history

     Repaying now is better than not repaying - cos it will improve your record a bit

    NOT repaying will only make it worse (a lot) - cos even though you were offered a chance to repay you refused

    IF you repay there is nothing for them to report except the debt has now been repaid - (but late) and you WANT them to report this

    If you DONT repay they will just report you refused to repay when offered a settlement and this is the LAST thing you want on your report

    SOOOO - its nothing to do with "trust"

     Its - do you want your credit report to improve a bit by repaying now? , or do you want it to take a nose dive by refusing to repay the settlement offered?

    (I think you misunderstand what "settled in full" means - ALL it means is that even though you did NOT pay a debt when required- you DID repay it but late

    It does NOT change the fact that you defaulted on repaying in the 1st place)

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  • Anonymous
    1 month ago

    You really have nothing to lose.  if you don't pay it, they will report it and continue collection attempts up to suing you depending on the amount.  If you do pay it promptly, hopefully their offer was in good faith.

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  • 1 month ago

    It goes on your report as soon as they pass it to a collector but in a way it's better than it staying with the original creditor because the collection agency just wants you to pay the balance and doesn't charge interest. It drops off your report in a few years anyway and even with it on there it's still far better than a county court judgement because you still paid before it came to that.

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  • 1 month ago

    You can ask, they will negotiate with you on this specific topic

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  • 1 month ago

    if you pay them they have no reason to report it

    • John1 month agoReport

      Except so that they can report that it was paid.

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  • 1 month ago

    If they have already said on the phone that it will not be reported, then it probably will be reported, if it hasn't already been reported.

    By the time that you are sent any letter from a collection agency, it has almost certainly been reported already. Even if it has not been reported yet, they cannot prevent it from being reported.

    Debt collectors do not always tell the truth on the phone. However, there was at least one case where a debt collector said "this is America", so they don't always lie.

    You should not trust them, but it doesn't really matter, because the debts probably already on your credit report.

    In any case, anyone who says that it won't be on your credit report is not being trustworthy, because they can't know that in advance.

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  • Anonymous
    1 month ago

    They are under no obligation to report anything. If its already there, they are not going to remove anything.

    How old is it?  It falls off after 7 years so it will not hurt your credit after that.

    Even if you settle with a collection agency it does NOT mean comcast is going to let you get their service in the future. More likely they will not.

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