"When there were fears about the future of this nation's older cities... when a few of the cities teetered on the brink of bankruptcy, all eyes were focused on Chicago for contrast."

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You settled a debt instead of paying in full will stay on your credit report for as long as the individual accounts are reported, which is typically seven years from the date that the account was settled. Unlike with bankruptcy, there isn't a separate line on your credit report dedicated to debt settlement, so each account settled will be listed as a charge-off.

— Jean Chatzky