Settled in full, just got a myfico alert... Help me understand.

[Anonymous]

Settled in full with Cap1. Just got a myfico alert that my balance dropped. Went to go look and the payment made to settle this dropped by the 60%. I was expecting this to drop to zero. Am I wrong? Will it update to zero?

Please let me know your thoughts.

[newstart2010]

Do you have in writing that what you were paying was going to be a settlement to pay account off and it would take the account tozero with no balance to be sold or transfered to anyone else for further collection?

[Anonymous]

The letter I have states [amount] received has settled in full your account..

[newstart2010]

I would give it a week.  then call the CRA and ask if you can fax in this update to your account since it is not reporting correctly.

[redbeard]

It will likely settle to 0 owed with a comment about settled for less.

My guess is the payment was posted, the computer did the simple math and just did its thing.

Someone now has to manually go in and make some adjustments.  The fact it updated in between was probably either bad timing or just the way they process things.

Dan

[Anonymous]

The same thing just happened to me with AMEX. I called the CA and they said to give it 30 days, and that that reporting was most likely automated.

[RobertEG]

I would suspect that it is left-hand/right-hand thing, with the department posting receipt of funds first updating, and then needing additional updating regardng the settlement for less.

If they agreed that the 60% you sent comprised satisfaction of the debt, then update to $0 is required.

The debt would be satisfied.  If they agreed to "paid in full.", they would omit reporting of any special comment of paid/settled for less, which reads the same to one reviewing your credit report as if the debt had been paid in full.

[Anonymous]

I decided to put in a dispute with the CRA's. I provided a copy of the letterstating "[amount] received has settled in full your account." (this was all disputed online) and Equifax just came back 

Equifax is saying >>> We have researched the credit account. Account # − XXXXXXX* The results are: This creditor has verified to OUR company that the balance is being reported correctly. Additional information has been provided from the original source regarding this item. If you have additional questions about this item please contact: Capital One, PO Box 30281, Salt Lake City UT 84130−0281

And the Balance Amount is for the remaining 40%.

Any advice?

[Anonymous]

Did you get a settlement letter from them? Also, did they send something in writing confirming that they would take this off of your credit report once the settlement is paid? Because that's what should have happened.