Because creditors recognize this "catch22" situation, they will often agree to delete any negative listing upon settlement of the debt. You have to realize that creditors won't try to ruin the debtor's credit rating as a personal vendetta. It's strictly business. If it pays them to collect from debtors and restore their rating to perfect, they will do this.
Speak to an Experienced Creditors Rights Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified creditors rights lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local creditors rights attorney to discuss your specific legal situation.