Legal Question in Credit and Debt Law in Texas

Paying off debt

I was hoping to settle an old debt. The collector said they would settle for 20% but I didn't want to have my credit report reflect a debt settled for less than owed. I offered to pay 70-80% if they would report to the credit agencies that the debt had been settled in full. They told me that they are not legally allowed to do that but I thought I had read that creditors could report paid in full if they agreed to do such. What is the law for credit reporting regarding this?


Asked on 5/05/09, 1:08 pm

1 Answer from Attorneys
Donald McLeaish McLeaish&Associates;, P.C.

Re: Paying off debt

None..but you cannot affect your credit score by settling with debt collector..so dispute the debt to get your credit report in line..some inexpensive programs help with credit repair..but don't sign up for a high dollar program

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Answered on 5/05/09, 1:14 pm


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