Credit score: Can you remove settled debts from your credit history?
News from Christian Science Monitor:

Credit scores can be affected by outstanding debt, even if it no longer exists. Navigating debt negotiations can be tricky, especially if you settled with a company for less than you owe. But a company can and will remove a settled debt from your credit history, if you know how to ask.

Most of us have had a bad mark or two on our credit history – and yes, that includes yours truly. It also includes the following reader. See if you can relate…

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Dear Mr. Johnson,

I used to have a credit score of 840. However, two years ago I lost my job, got a divorce, and finally had to stop paying my credit card bills. Eventually, they all called me. So I borrowed money and settled with them all.

As a result, my credit score was impacted. Most of them put on my credit report that it was settled and not paid in full. Can I write a letter to the banks asking them to remove it? And is this something that is normally done after the fact?

I appreciate your help and thank you very much.

– Peter

Peter’s question is all about choices. He found it difficult to pay his bills and chose instead to settle them by o…………… continues on Christian Science Monitor

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