Is debt settlement reported to credit bureaus?

Yes, debt settlement is reported to credit bureaus. In West Virginia, debt settlement is governed by the West Virginia Consumer Credit and Protection Act. Under this act, debt settlement is reported to credit bureaus in the same manner as other consumer debt. The reporting of debt settlement to credit bureaus is important in order to ensure that credit bureaus have an accurate record of any debt accounts. Debt settlement, like other consumer debt, is also reported to credit bureaus under section 603 of the Fair Credit Reporting Act. Under this section, debt settlement negotiations and settlements must be reported to the major credit bureaus in order for the information to be made available to potential lenders. This information is also used to update any credit score or other credit score calculations. Therefore, debt settlement in West Virginia is required to be reported to all major credit bureaus. This information is used to ensure that the credit bureaus have up-to-date records for any consumer debt accounts, and is also used for credit score calculations. This reporting helps to ensure accurate records for potential lenders, and is a necessary part of debt settlement law in West Virginia.

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Is debt settlement reported to credit bureaus?

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