Consumer Credit Advantage

Smart credit. Tip of the week

"Negotiating with a lender and then settling the debt for less than you owe can be a smart move. But it can also hurt your credit if you do it the wrong way. You must get the lender or collections company to agree in writing to report the debt as “paid in full;” otherwise, it will be noted “settled for less than the balance.” It sounds like a small distinction, but having a debt — even a paid debt — listed as “settled” on your credit record can hurt your credit score."

Happy Birthday Keith Wiggley