My SAD story

[Chanduwar]

I received a settlement letter from Merrick Bank on a $2402 Charge off to be settled by a payment of $720.89.
I sent the payment, with a letter stating that with this payment, for settlement you will have to agree to, not sell the debt to any one and stop all collection activities, including reporting to CRA's.

On April 30th I received a letter from them that the account was settled paid in full, and all CRA's notified.

All CRA's show a payment of $720.89, remaining is balance, and now a 30 day late is being reported, which has lowered my score considerably.

I just mailed the dispute letters, but this is really nasty.

[FICOfit]

Sounds like what Midland did to me.  I settled, got the letter stating paid in full.  They had a 90 day late with $520 overdue.  They weren't even supposed to report the darn account according to the dunning letter, but oh well.  It's gone now after I yelled at Midland and disputed the innaccurate infoo with the CBs

[Chanduwar]

I just finished sending them(Merrick Bank) a letter. Will wait and see what happens.

[Anonymous]

Your mistake was NOT having them sign a PFD. How to handle a CA:

Know your SOL    CAs will usually accept (if they own the account) a PFD if past SOL

Always DV before thinking of a PFD!

They are reporting right!  You may hear from them again or they might sell the bal to another CA.

On April 30th I received a letter from them that the account was settled paid in full, and all CRA's notified.

All CRA's show a payment of $720.89, remaining is balance, and now a 30 day late is being reported, which has lowered my score considerably.

The score drop was (guessing) because it was a CO and updated.  I would dispute as inaccurate bal amount.

IF it is verified.....send a letter with the copy of their settelment letter!!  this goes to the OC....the correct reporting should be  settled for less BAL $0  letter goes CMRRR

[Anonymous]

I would call and ask what's going on. I had a number of old med collections report this way when I first paid them off for a settlement amount instead of in full. There were two different reasons this happened:

1. The office simply billed it incorrectly when they settled it out in their system. I called, they apologized & it was corrected w/in a few weeks

2. Another company had weird reporting standards... since I paid the settlement amount within 2 or 3 days of their CRA reporting date, for some reason, it went into their system weird. So, for the 1st 30 days, it reported as $$settlement paid with $$balance left over. Then the next 30 days after that, the balance went away and it reported as PIF, $0 balance.

Both were corrected with just a little bit of time and patience.

[Chanduwar]

HappyDays Merrick Bank was the one I was dealing with. They send me an offer for settlement. And they sent me a letter for the paid in full settlement.

I sent the agreement letter, with the check.

I have sent them a letter, regarding this issue. Will see the outcome.