1. A collections agency or creditor attempts to collect a debt in full, if they are not successful, they may decide to:
    1. Offer the debtor a settlement to be paid in full
    2. Offer the debtor settlement to be paid in installments
  2. If the collections agency or creditor does not offer a settlement but the individual debt is willing, an outside negotiator can:
    1. Offer the creditor a settlement to be paid in full
    2. Offer the creditor a settlement to be paid in installments
  3. If/when a settlement amount is mutually agreed upon:
    1. The creditor provides the settlement offer in writing
    2. The debtor pays the settlement as previously agreed
    3. The debtor requests or is provided with a receipt
    4. The creditor marks the debt as ‘paid’ or ‘satisfied’
    5. The creditor updates the credit report