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One Time Settlement (OTS) coupled with credit clearance presents a strategic approach for borrowers seeking to resolve their outstanding debts.
One Time Settlement (OTS) coupled with credit clearance presents a strategic approach for borrowers seeking to resolve their outstanding debts while simultaneously addressing their credit history and future creditworthiness. Companies negotiating with creditors to settle the debt for an agreed-upon amount, with the added benefit of having the borrower's credit report updated to reflect the settlement.
Once the terms are finalized, the borrower makes the agreed-upon payment to the lender, either in a lump sum or through installments. With the completion of the payment, the lender issues a settlement letter and credit report to reflect the settled status of the debt.
OTS with credit clearance offers several benefits to loan borrowers and lenders, as borrowers are eligible to settle their debts while mitigating the negative impact on their credit history.