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xxfreebird13xx

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Settled Collection??
I settled a third party collection debit for less than the original balance. Can the collection agency still list the account as opened ,unpaid and still in collection? I have a wriiten agreement with them, the wording states "with payment they will inform OC that the account has been settled in full and the Ca will update the OC to reflect settled in full" Im really unclear as to the CA listing but shouldnt it read the same (settled in full)?The OC is not listing anymore. I understand that paid or unpaid it really will not matter, but I did pay ! Any advice would be appreciated. Credit score took a big hit and this is very disapointing! Been working very hard at rebuilding.

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If you/they agreed to a settlement amount and you settled, it is illegal for them to report it as unpaid and open. Keep in mind, there is a lag time between when you pay it and when your credit reports update, but it shouldn't take that long, a couple of weeks to a month at the very longest. If I were you I would dispute the account immediately as it is being reported with incorrect information. If you get really lucky, maybe they will delete the entire account rather than update it. If things don't work out with the dispute and they do not correct the information, contact a consumer lawyer and sue them. It may even be in your best interest to contact a lawyer now, before disputing, because your lawyer would have more leverage against them if the evidence is showing up on your reports. The lawyer would have a good chance of getting the to pull the account from the bureaus.

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