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A credit report will show that an account is either active or settled. If the account is settled, it means that it has been paid and is closed.
What else can I help you with?
How long does a shortsale show on your credit report?
A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.
How long does a settled judgment stay on your credit report?
7 years
How long does a settled debt stay on credit report?
7 years from the DOFD
If a creditor sends you a 1099-a is the debt 'forgiven' and how will it appear on your credit report?
Receiving a 1099-A indicates that a creditor has taken possession of collateral or has transferred it, but it does not necessarily mean the debt is forgiven. This form may suggest that the debt was settled or dischargeable, but you are still responsible for any remaining balance unless explicitly stated otherwise. On your credit report, the debt may appear as "settled" or "charged off," which can negatively impact your credit score. It's essential to review your credit report carefully and consult with a financial advisor if needed.
When paying off a credit card does it hurt to do a settlement exception?
Yes, they will note on your report that this debt was "settled" This does not affect credit score but will catch the eye of any lenders looking at your report.
How long does a shortsale show on your credit report?
A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.
How long does a settled judgment stay on your credit report?
7 years
What does election of remedy on credit report mean?
What does election of remedy on a credit report mean
How long does a settled debt stay on credit report?
7 years from the DOFD
How long does a repossed vehicle stay on your credit report?
7 years after the account is settled.
How long does a collector have to report that a collection account has been closed and or settled?
Typically these types of actions can be seen on your credit within 30-60 days. There are no laws or rules that requires a credit reporter to immediately post "closed" or "settled" to an individuals credit. Most just report data to the credit bureaus once monthly.
If a creditor sends you a 1099-a is the debt 'forgiven' and how will it appear on your credit report?
Receiving a 1099-A indicates that a creditor has taken possession of collateral or has transferred it, but it does not necessarily mean the debt is forgiven. This form may suggest that the debt was settled or dischargeable, but you are still responsible for any remaining balance unless explicitly stated otherwise. On your credit report, the debt may appear as "settled" or "charged off," which can negatively impact your credit score. It's essential to review your credit report carefully and consult with a financial advisor if needed.
When paying off a credit card does it hurt to do a settlement exception?
Yes, they will note on your report that this debt was "settled" This does not affect credit score but will catch the eye of any lenders looking at your report.
Do you still have to pay a debt that shows its been settled on your credit report?
Call your credit card company and inquire. If you can not get through, cancel the card.
What does it mean when they say that your credit report is suppressed?
When you suppress your credit report, that means that anybody who pulls your credit report will get no information back. It will not even give the header that comes on the credit reports. So if you are looking to get some type of credit do not suppress your credit report.
When paying a settlement is the credit score different if the credit report states 'paid' 'paid in full' or 'settled for less than original amount'?
yes, the credit score is affected. The people pulling your credit look at it this way, they want to know if you paid back what you borrowed with no problems, if there was a problem, or if they settled on a different amount, which means they took a loss. What would you rather see if you pulled a credit report on someone?
How will voluntary repossession of my home in Texas affect my credit?
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
