Do I need to send anything to the credit reporting agencies?

You may send them your receipt of purchase. The creditor/collector may send the agencies an update as to the status of your debt with them, which takes a little longer to be processed and show on your credit report.

How does this help my current credit score?

Once you’ve purchased your debt, it will no longer be reported to the credit reporting agencies. You can then start improving your scores.

Does buying my closed or charged off account raise my credit scores?

Buying a closed or charged off account will not typically result in immediate improvement to your credit scores, but will allow you to improve your scores over time.

Am I given any document showing I purchased my outstanding debt?

Once payment has cleared you will receive documentation from the creditor/collector acknowledging that the debt has been sold to you and no further collection action will take place.

Does Settle4Less report to the credit reporting agencies?

No, we do not report.

Will posting an offer restart the clock or re-age my debt?

No, you’re making an offer to purchase a debt that is in your name. You are not acknowledging that you owe the debt.

What payment method can I use?

Payment methods will vary based on the creditor/collector. You may receive a link to pay online, send a check, or make a wire transfer.

Do I have to pay Settle4Less as well?

Signing up and posting offers is free. We will only charge you a 10% transaction fee on the amount of your debt purchase once the sale is finalized. Example: Total debt $1000 purchased for $150 x 10% = $15 (our fee)

Who do I pay?

You will the creditor/service provider/collector directly. Settle4Less’ fee will be charged separately.

Why wouldn’t I just make an offer to them directly?

Creditors/collectors normally sell off debts in bulk and do not deal directly with individual consumers.

Why would the creditor/collector want to sell my account to me for less?

They are most likely to accept less than the total owed on the account to avoid further collection and/or legal fees.

What information is needed to sign up to use the platform?

We only ask for your name, company name (if applicable), and email. Once you are signed up, you can start posting offers to who owns your debt. The posting will require the account number, name of creditor/collector, the outstanding debt amount, and your offer.

How is my account information secure?

Settle4Less is a secure site and your information is encrypted and password protected. We only have access to your name and email address.