Previously Settled AmEx Account

[iCoop]

Hello all,

I settled an account two years ago with AmEx and they removed the TL from my credit reports (I don't remember if it was done by them or through disputes). Now that I have enough funds to pay back my prior debt I am doing so just in case I need an AmEx corporate card through my employer or just want one for my personal use. I still have access to my online account and just recently started sending in large amounts via online payments to have the debt paid within the next thirty days. So my question is whether AmEx will report this TL back on to my credit reports seeing that it was already removed? I would prefer for it not to report as it would just be a negative TL.

Thanks in advance.

[RobertEG]

They have the option, with certain limitations

The FCRA only restricts the reinsertion of previously deleted information if it was found by way of dispute to have been inaccurate and the furnisher could or chose not to, at the time,  update the reporting in a manner to make it accurate.  FCRA 611(a)(5)(B).

Since you apparently did not dispute the accuracy of the account itself, but rather specific information under the account, they could reinsert the account without restriction provided their reinsertion did not include the disputed information.  If the reinsertion did include the information found to have been inaccurate/unverifiable as the result of the finding in the prior dispute, they would have to comply with the provisions of section 611(a)(5)(B) before that information could be included in their re-reporting.  That would require their submission of a certification of its accuracy, the CRA acceptance of that certification, and notice to you of that acceptance.

So, yes, they can re-report.  The issue of what they can include without the need for a certification depends upon what was determined to have been inaccurate/unverifiable in your prior dispute.

The question I would have is that, if you settled two years ago, you no longer have any remaining debt.  What are you going to offer to pay? 

[iCoop]

Thank you for your quick response. I settled for $1,500 on a $8,000 balance. At the time they agreed to remove all late charges and a few other charges that had piled up over the years and after the settlement ceased all collection attempts and provided documentation in writing. Fast forward to today and the account has been closed and shows as cancelled  on the website but American Express does not forget that I still owed them money. The online account sits at roughly $$6,000 and has been idle for years, not increasing in amount or accrueing any interest. So essentially I am paying them back the charged off amount to bring the account down to a $0 balance and have myself removed from the blacklist.

[iCoop]

Am I going about this in the wrong way? If so please correct me so that my credit and fund reserves are used in the best way possible to clear this past debt.

[JM-AM]

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@iCoop wrote:

Am I going about this in the wrong way? If so please correct me so that my credit and fund reserves are used in the best way possible to clear this past debt.

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Have you tried talking to AMEX directly? I know you are probably trying to avoid that as much as possible, but you may be in a situation where not many have experienced what you are trying to do on this forum. Not saying that others havent been in your situation with AMEX just most others usually move on and do not make an attempt to pay them back especially since the debt was a little high.....

Keep us updated as this may help some one else in the future.... 

Best of luck

[iCoop]

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@JM-AM wrote:

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@iCoop wrote:

Am I going about this in the wrong way? If so please correct me so that my credit and fund reserves are used in the best way possible to clear this past debt.

---

Have you tried talking to AMEX directly? I know you are probably trying to avoid that as much as possible, but you may be in a situation where not many have experienced what you are trying to do on this forum. Not saying that others havent been in your situation with AMEX just most others usually move on and do not make an attempt to pay them back especially since the debt was a little high.....

Keep us updated as this may help some one else in the future.... 

Best of luck

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I was definitely trying to avoid calling until the balance was paid in full but I think I will call the Credit Bureau division of AmEx and speak with a rep to see about my options. They may not even require the entire balance to be paid to reinstate my card privileges... But that is probably wishful thinking.

And I do understand that many would probably walk away from this as it is no longer reported and will have no visible effect on my life but I know my company uses American Express for corporate cards and I may be needing one in the near future. I would rather it be approved with no questions than it be denied and have to answer questions for it to be guaranteed for me to receive.