I thought there was a previous thread pertaining to this but I can't find it...anyhow...
I have an extremely old bill that went to collections eons ago. I've received a letter in the mail from the collection agency offering to give me a 55% discount if I pay within 30 days. After I pay this, will they automatically update my credit report to reflect it as paid? Is that something I have to initiate? Is there anything else I should know about these settlements before I pick up the phone and do a check by phone? Thanks.



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