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Several years ago I had a credit card with company "X". In 2006 I closed the card and paid an agreed amount to satisfy my debt to the company. I received a letter stating that I no long had any more obligations to the company. The account was satisfied in Sept. 2006. Then in Oct, Nov, and Dec the company reported me being late which made a 90day late appear. After almost a year of writing letters, providing documentation, and filling complaints with the BBB it was removed from showing late in Oct, Nov, and Dec. Now it is showing me having 2 90day lates. One in July 06 and one in Sep 06. It is also showing as Bad Credit/Charge off. I have provided the proof of documentation to both the credit card company and to all credit reporting agency's. Still nothing is changing to show the correct status of my previous account with this company. I need help in figuring out where to go from here. At one time I spoke with a lawyer who wanted a $2000 retainer to just write a letter to the companies. I thought this was a bit much. Can anyone provide some advice?
File complaints with the BBB, your states AG and the FTC. One of these will wake someone up.
@Anonymous wrote:Several years ago I had a credit card with company "X". In 2006 I closed the card and paid an agreed amount to satisfy my debt to the company. I received a letter stating that I no long had any more obligations to the company. The account was satisfied in Sept. 2006. Then in Oct, Nov, and Dec the company reported me being late which made a 90day late appear. After almost a year of writing letters, providing documentation, and filling complaints with the BBB it was removed from showing late in Oct, Nov, and Dec. Now it is showing me having 2 90day lates. One in July 06 and one in Sep 06. It is also showing as Bad Credit/Charge off. I have provided the proof of documentation to both the credit card company and to all credit reporting agency's. Still nothing is changing to show the correct status of my previous account with this company. I need help in figuring out where to go from here. At one time I spoke with a lawyer who wanted a $2000 retainer to just write a letter to the companies. I thought this was a bit much. Can anyone provide some advice?
Unless the terms of your settlement provided that they would not report as a charge off, or as "settled for less than owed" then they can report derog info, both late pays and CO's.
You were late at the time of settlement, thus lates can be reported. But the lates should be for the time periods preceding the settlement, not as lates after.
They may also report as settled for less than owed, or Charged Off, since they did charge off a portion of the debt. This is why it is very important in how the settlement agreement is constructred and the language used.