what will be the difference in fico score between a paid collection and settlement?
Rachel L asked:
There is one negative on my credit report. It has gone to collections and collections agent will take a 20% discount but it shows up on the report as a settlement as opposed to paying the whole thing; then it will show on my credit report as a paid collection. Will that really affect my FICO score? If so, how much?
If there is a judgment on your credit report is should say paid. I know in NY you can get a filed in the courts. Next you contact the credit agency and get give them a copy of the settlement papers so they can update your report. Yes the judgment will affect your fico score, but there is no way to tell how much it will affect it