Monday, February 15, 2010

Settlement of Credit Card Debt on Credit Report � What Is The Settlement

If you have collections agencies or credit card companies calling you trying to collect the money that you have to pay them back, you should look at the topic of settlement of credit card debt on credit report. The settlement of credit card debt on credit report means that you no longer have to pay the credit card company since you settled your debt with them. The settlement of credit card debt on credit report allows you to settle your debt for a percentage of the total amount that you have to pay back. If, for example, you settled your debt by paying the credit issuer company 60 percent or 70 percent, the remaining amount is the amount that you saved. That is why the settlement of credit card debt on credit report is so important � you get to save some money.

Another benefit of settlement of credit card debt on credit report is the fact that your credit report will change from having a record of a collection of a large amount of money to a record of a settlement of credit card debt on credit report. Having a settlement of credit card debt on credit report means that your report will show that you no longer need to pay anything to the collection agency or the bank and that your debt was settled and the balance is zero. This is the second benefit of the settlement of credit card debt on credit report.

Settlement of credit card debt on credit report, however, does not mean that you will have all the collections recorded to be removed from your report. The fact that you have a settlement of credit card debt on credit report only means that you settled the balance.

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