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I recently reached out to NCO Financial regarding an old Directv account. They were not willing to accept a PFD so we reached a settlement agreement. They agreed to mark the accounts as PIF. I paid as agreed and my report was updated yesterday. Well, the latest report is still showing a $198 balance when it should be $0. How do I go about getting this corrected?
There is often a delay in posting.
I would presume that the debt collector has an automated system that kicks out regular monthly reporting, and that the payment was not yet entered into their system.
I would recommend waiting for their next regular reporting prior to initiating a dispute.
If it remains, send them a direct dispute of the accuracy of the current balance.
They are required, under FCRA 623(a)(2), to "promptly" update any reported information so as to maintan its current accuracy. That would be the statutory basis for supporting their lack of timely update.
The full balance due was $496. We agreed to settle for $297 which leaves a balnce of $198. They are reporting the remaining balance instead of putting the account at 0 as we agreed. I spoke to the same representative today that I made the initial agreement with. She is going to expedite the reporting process. I'll wait to see what happens.
If it is clear from your agreement that payment would constitute satisfaction of the debt, then the difference becomes exclused/cancelled debt.
There would be no debt balance, and they must promplly report $0 balance.
If they refuse to do so, send a formal complaint to the CFPB.
@RobertEG wrote:If it is clear from your agreement that payment would constitute satisfaction of the debt, then the difference becomes exclused/cancelled debt.
There would be no debt balance, and they must promplly report $0 balance.
If they refuse to do so, send a formal complaint to the CFPB.
+1