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Setlmnt proposal says credit rept won't be updated if fed. reptng period has expired? What is that?
I have a settlement proposal from a credit card collection agency. The proposal says that when the settlement amount is paid "the account will be considered PAID IN FULL and the three major credit reporting agencies well be updated accordingly.*" A footnote says "*Your credit report will not be updated if the federal reporting period has expired." Does anyone know what the "federal reporting period?" I assume that if the reporting period has expired, paying the settlement will not improve my credit score.
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TexasMax
1 year ago
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hey that person is blowing smoke up your well you know, the agree payment will show up as paid in full as agree and account closed, trust me a couple of yrs ago i had a settlemement with a well known bank on accout and after all said and done that was what showed up on my report, but if you have any question you can call the fed goverment and double check if you want??
lostcause 1 year ago
Hey lostcause, thanks for the response. It's reassuring to know that you had a good outcome on a situation like this. I paid the settlement today and I'm hoping for the best. Take care.
TexasMax 1 year ago