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I'm no expert in credit scores, but... If the original creditor already filed with the credit bureaus, that's definitely a negative on your credit. But I think
by logn 14y ago
I'm no expert in credit scores, but... If the original creditor already filed with the credit bureaus, that's definitely a negative on your credit. But I think the OWS can report that you "repaid" the debt which would be good. They could also bargain with the creditor to remove the negative report. Also, just reducing your balance of debt is good for credit. Plus, I don't think there's anything worse you can do for your score or future hopes of loans than declaring bankruptcy.
- Millennium 14y agoIIRC, if your debt is being sold to a broker at pennies on the dollar -which is pretty much the only way OWS can get its hands on it- the bank has already long since given up on getting you to pay, and the credit bureaus have long since been informed. In other words, the damage to your credit is mostly already done; an actual bankruptcy would hurt worse, but you're still in for a world of pain.
- lifeguard 14y agoWrong! A BK is a unique event from other delinquent accounts on one's credit report that carries extra weight. As do foreclosure and repo.