Legal Question in Credit and Debt Law in California

My CC company says they can't change my credit rating

I incurred debt of $15,000 with my credit card company, and negociated with me to settle for $6,500. They accepted, but when asked what they will change my credit rating to, they said it will show as ''Settlement'' as it is legally required.

I am told that they don't actually have to do this, and that I should retain an attorney to negociate the same dollar amount settlement but only if they change the rating to ''Satisfactory''.

Question - Will retaining an attorney help, or is my credit card company really legally required to report ''Settlement'' on my credit report ?

Please include your office contact information in your response.

--name removed--


Asked on 3/10/05, 9:38 pm

2 Answers from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: My CC company says they can't change my credit rating

http://www.creditboards.com

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Answered on 3/10/05, 9:48 pm
Chris Johnson Christopher B. Johnson, Attorney at Law

Re: My CC company says they can't change my credit rating

An attorney can't guarantee a better result, but they may be able to do better. The answer really depends on the credit card company--you did hear correctly that they can report something better than "settlement" to the credit agencies.

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Answered on 3/12/05, 8:57 pm


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