@ASCENDANT wrote:Hello all,
I had a repo in January of 2013 that went into collections in January of 2015. The collection company sent me a letter saying if I paid 1/3rd ($1,200) of the debt my account would be marked as "paid- closed". They wouldn't do a PFD, so I took this offer. I paid the debt and it shows a balance change on my credit reports but they never updated the status to what we agreed upon. The status still says "open". I have all of this in writing through emails with the account manager. Should I call the company back and see if they will live up to our agreement or should I dispute the debt on the grounds it is being reported inaccurately?
If the balance is 0 that open doesnt matter as everyone can see its closed. If its been awhile since its updated it will cause a Fico score drop if you dispute it to say closed. What I would do is see if they will do a GW removal of the whole TL with a GW letter.
@Maximus5403 wrote:How long ago did you make the payment? It usually takes 2 reporting cycles to report accurately. The first cycle will only show the updated balance with the payment being made. The second cycle will show the final. I just went through the same thing with 5 collections. In some cases I was able to call and have them expedite the reporting.
Agreed on the 2 cycles of reporting. OP if its past that I would call them and remind them that a settled account for less must be updated to a 0 balance. I would expect them to note that it was settled for less than full balance and I would not worry about that.