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Yes, current balance must be $0 if the debt is satisfied.
Reporting of that fact is not at their liesure or discretion. They are required under FCRA 623(a)(2) to promptly update the accuracy of their reporting.
A reasonable standard of promptly would be in their next regular reporting cycle. Months later is unreasonable.
I would start by sending a direct dispute, giving them the opportunity to correct. They must conclude their investigation within 30 days, and send notice of results within 5 business days thereafter.
Get their formal decision in writing, which is their statement that they have conducted a reasonable investigation, and have basis for their determination.
Once statement of verification is obtained, I would file a formal complaint with the CFPB over violation of their requirement to accurately report the current status of the debt as $0. I would file complaint with the CFPB, as the issue if violation of their statutory requirement as opposed to a poor business practice complaint to the BBB.
@RobertEG wrote:Yes, current balance must be $0 if the debt is satisfied.
Reporting of that fact is not at their liesure or discretion. They are required under FCRA 623(a)(2) to promptly update the accuracy of their reporting.
A reasonable standard of promptly would be in their next regular reporting cycle. Months later is unreasonable.
I would start by sending a direct dispute, giving them the opportunity to correct.
Get their formal decision in writing, which is their statement that they have conducted a reasonable investigation, and have basis for their determination.
Once statement of verification is obtained, I would file a formal complaint with the CFPB over violation of their requirement to accurately report the current status of the debt as $0.
+1
What Robert said is absolutely correct. Also be advised that when it is corrected there will most likely be a blurb stating "Settled for less than owed"