I did "settle" with American Express - after it had gone out to a Debt Collections Agency - and this is what shows up on my credit report (I use TrueCredit.com to view all three reports):
[TransUnion] Payment after charge off/collectionSettled - less than full balance
[Experian] Account legally paid in full for lass than the full balance.Account legally paid in full for less than the full balance.
[Equifax] Settlement accepted on this accountPaid charge off
And this is what shows when I enter a Balance Liquidation Plan with a Chase credit card:
[TransUnion] Account closed by consumer
[Experian] Credit line closed - consumer request - reported by subscriber.
[Equifax] Account closed at consumer's requestCredit card