Partial Settlement and Credit Rating.

Leesorcha

I am after clarity as to whether a partial settlement of a debt remains for six years after the payment date or for six years from the date that the account went delinquent. I have 7 years of missed payments on the account but it's not defaulted. Idem have accepted my full and final offer today so I'm wondering how this will affect my credit rating.

Willing2Learn

How is the account listed on your three credit files?
Please confirm whether it is marked AP or  AR on each of your files.

If your account has not been defaulted, has not been acknowledged by you in writing for six years, and you have not made any payments for six years, then it is probable that the account is Statute Barred.


Your 'score' or 'rating' is irrelevant as the industry does not typically use it.

Edit:  And welcome to the forum 

Statute barred debt – common questions

Leesorcha

Hi - I've been making reduced payments since 2014. Account is delinquent on Transunion, AP on Equifax and Experian.