debt

5 debt settlement do's and don'ts

Make sure the matter is settled
Next
6 of 7
Back
Make sure the matter is settled

If you pay a debt settlement, find out if it shows up properly on your credit report. Jackey says some creditors fail to report settlement payments to credit bureaus even though they are required by law to do so, leaving the consumer's credit report showing their accounts as indefinitely delinquent.

"Sometimes a client will come in to us with a credit report that doesn't even show that a portion of the account was written off. It shows that the full balance is still owed," Jackey says.

Also, make sure that creditors stop calling and sending debt collection letters in exchange for your payment plan, she says.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CREDIT CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Use pension to pay credit card?

Dear Debt Adviser, I have more than $30,000 in credit card debt, and I recently changed jobs. In addition to a large 401(k) (it is 22 years' worth of contributions) that I rolled over to my new employer, I have a lump-sum... Read more

advertisement
Partner Center
advertisement

Connect with us