I have read a ton of conflicting information as to what immediate effect settling a CC account that was charged off several years ago will have on my credit score. Some info. says credit score will take an immediate nose dive since this several year old information with no activity will now be updated, other info. says that if the charged off account was being reported every month than the major damage has already been done and the payment will have very little negative effect on the score, and then there is everything else in between....does anyone have any first hand knowledge as to what I should expect?
Also, the CA told me once they received my funds they would be sending me a letter showing the now paid status of my account and that my OC would be sending an update to the CRAs within 30-60 days. The CA also mentioned that I could speed up the CR updating process by submitting the paid letter to the CRAs myself. Has anyone ever done this? I can see why in theory it would make sense, but at the same time I don't want to necessarily provide information directly to the CRAs that might make it more difficult for me down the road to get the CO removed. Anyone?