Debt settlements are where the debt collection agency or creditor agrees to take a lesser amount than what is actually owed in order to eliminate the debt. It is very useful for paying off old debts for less money than what is owed and can save hundreds of dollars when it comes to paying off the debt.

NSF checks (Non Sufficient Funds), also referred as a bounced check are considered bad and will end up on your credit report — lowering your FICO Score and preventing you from obtaining credit.