Does what a creditor place in the comment portion of the credit report affect credit score?

I%26#039;m trying to deal with my deliquent credit and have the option of having %26quot;settled%26quot; or %26quot;paid charge-off in full%26quot; in my credit report. I understand that these comments do not affect credit score, but do have an effect, say if a lender makes a judgement call when reviewing your report. This balance is small, $2000, and old, last payment in 2004. Do the comments really matter? I have hardship reasons and I think that these will be understood by my lender. what%26#039;s your take?

thanks!!!

Does what a creditor place in the comment portion of the credit report affect credit score?

datrik,

I put comments on my credit report to explain a simple and stupid mistake on my part. When I looked at my credit report a few years later, the comment was on one of the last pages, and completely illegible.

To top that off, when my potential mortgage lender questioned me on the debt and I referred them to the comment section, they straight up said they don%26#039;t read them.

AND...most creditors are only looking at the score, not the report.

Does what a creditor place in the comment portion of the credit report affect credit score?

Ahhh...the myths about putting comments into your credit report.

1) Good/bad comments have no effect on your credit score, as they play no part in the calculations.

2) If you have a paid off account that was in collections, it makes no differance what the creditor places on it....it%26#039;s still a negative item and it will have a negative effect on your score. The only way to improve it is to get it deleted, or have the reason code changed.

3) In most cases, potential creditors don%26#039;t even see comments. They only look at the credit score. If they do pull out your entire report they generally ignore any comments posted to it (as Sexy stated). The don%26#039;t care to see excuses..

So if you want to improve your credit score, you need to get the negative item deleted altogether. Make the creditor agree IN WRITING to delete the entry before you pay. Otherwise you are paying off your debt and not improving your credit history at all! Why bother???