First Premier Bank CO Question

[Anonymous]

My husband had a FPB card and we settled with First Premier Bank.  One his EQ report is says $0 balance placed for collections and then in the comments it says Settlement accepted on this account.  Paid charge off.  (We settled for $365.80 of a balance of $522.27).  On TU it says $0 balance and that's it.  Then on his EX it says $156 balance.  Charge off.  I don't know how to go about getting this fixed so advice would be appreciated.  I would assume that the balance on the EX report looks worse than the $0 balance on the other two?  I tried disputing it and the response I received said that they were reporting correctly and they were placing dispute comments on the record.  

[RobertEG]

While the account was delinquent (i.e., having an unpaid, delinquent debt), the current status would be that of the level of delinquency, and the debt balance would still be shown.  In the case of the posted account, the current status would be CO.

When the debt was satisfied, either by PIF or settlement for less, the current status is updated to Paid (if closed) or Pays as Agreed (if still open), and the debt is updated to $0.  If settled for less, the additional specil coment of Settled is appended to paid.

Update of the current debt balance is not sufficient to show the debt was paid.

That only indicates that no debt balance is due to the reporting party.  A $0 balance can also occur if they sell the delinquent debt.

If the debt is discharged and the creditor owned in when discharged, the OC account must be promptly updated to Paid (or Paid/settled for less), and the current balance updated to $0.

If that has not occured and a dispute is verified as accurate, then send a formal complaint to the CFPB.