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How Important are Credit Report Account Descriptions

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    How Important are Credit Report Account Descriptions

    I had a B of A credit card that I settled for less than the full amount back in Dec 2007. Equifax shows status as Pays account as agreed and Experian shows status as Paid in settlement.

    Equifax
    Descriptions:
    * Account paid for less than full balance
    * Closed or paid account / zero balance

    Experian
    Descriptions:
    * Account legally paid in full for less than full balance.


    Since I am wet behind the ear at rebuilding my credit score, I wonder..

    1) How bad is this account affecting my credit score?

    2) Is there anything I can do with this bad account to improve my credit score?

    #2
    Looking further at my report, I see that Rooms2Go account which we settled shows a status of Bad debt/collection, which can't be good.

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