Euiqfax Credit report question

chrisjmccreadie

Hi,

I have just got my Equifax credit report and some of the information is all green with the word settled.

Can someone tell me if the settled is good, bad or has a double meaning (like so much of this stuff)

Thanks

Chris

david78

Settled just means you have paid of the loan (or other credit arrangement) and don't owe anything. It is usually a good thing.

lisyloo

I think it means closed (as well as paid off).
So for example if your current credit card balance was 0 it would not be settled, it would just be 0.
It would go to settled when you close the credit card down.

Settling debts is obviously a good thing, but you would still want to have some accounts that are open to show that you are managing debt.
Open accounts will look the same but will not be settled and won't have a settled date.