Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Report
Profile Image

Question By
Adnezy1988

1 Contribution
0 People Helped
Settled a debt for a lower amount, Report shows balance.
I had a account in collection and wanted to pay it off, so I contacted the collector and was offered to have the account settled at a lower amount which I agreed upon, original amount was 1200 and I settled at 700. I check my report and it shows that the account has been Closed but there is a 500 balance remaining.

Can someone please tell me what to do? I figured this balance would show 0 after I paid, can they go after me for the remaining balance? The law firm also mailed a letter of satisfaction for judgment to the court, and I got a letter the account was closed.

Also, by me accepting to pay and all, did I reset my SOL ? Last payment on the account was in 2010, and when I checked my score it shows as last payment 2016...so did I just screw myself and reset the SOL?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
93 Contributions
65 People Helped

File a dispute with the credit reporting agencies that are showing the incorrect balance and attach a copy of the settlement letter. That should get the item updated correctly.

Reply by
Adnezy1988

1 Contribution
0 People Helped

Should I call them up first? 

I am still waiting for the "Warrants of Satisfaction" Letters from the court, I have a letter from the Collections agency that states the account is settled and closed. 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.