Partial Settlement - how long on credit file

newyorklover

Hi folks,

I have 4 old credit card debts, with default dates of 2010 & 2011. I have been offered reasonable partial settlement figures, which I am thinking about accepting. My question is about how long the details will remain on my credit file. I understand the defaults will show (even if the account is closed) for 6 years. Which isn't too far away from 2010 and 2011. If I settle this month, does that start the 6 year clock again? Will the partial settlement show on my credit file for 6 years from the day we pay it? Or will the whole thing drop off 6 years from the date of default?

Sorry, it may seem like a silly question...but if it's going to be another 6 years I'd be better paying the debt in full, (or saving up to do that).

Please advise, thanks.

fermi

The whole thing drops off 6 years from original default date.

Quite literally, there will be no trace on your report that the account/debt ever existed from then onwards.