Paying in full means paying the total amount of your debt. Settling in full means coming to an agreement with your creditor or collection agency on an updated payment plan. While this may seem simple, there are nuances to how lenders look at the two on your credit report.
What is a payment settlement entity?
- A payment settlement entity may be a domestic or foreign entity. For payment card transactions, merchant acquiring entities are the payment settlement entities, and for third party network transactions, third-party settlement organizations are the payment settlement entities.
Is there a glossary for interpreting data on the credit profile?
- This glossary is for interpreting data on the Credit Profile Report from Experian. For information on how to report data, please refer to the Credit Reporting Resource Guide (CRRG) developed by the Consumer Data Industry Association. Account conditions Glossary of account conditions and payment status
Where can I find my credit profile report?
- Credit Profile Report. Files on nearly 220 million credit-active consumers nationwide are maintained in the Experian database. Your inquiry initiates a search of this database that produces an applicant’s credit history — the Credit Profile Report.