Settlement with ERSolutions.....

[eparker]

Just did a settlement amont with ERSoultions.  Original creditor is American General, just wondering how many points I will get, if any .  They will inform OC that account has $0.00 balance, gonna see how American General updates my CR.  I owed about $1900. on collection they settled for $680.  That was more doable for me. 

I will update when information updates.  Keeping my fingers crossed.  .  Attempting the remainder of these negatives off the first part of 2011. 

[MBOhio2]

What is American General (what type of debt was this)? And was it a collection account?

[eparker]

American General is a company I had a loan with.  This was a second loan I had.  I paid the first one without problems.  This particular one I used a title on a vehicle I had.  Yes, they have it listed as a collectin account. 

[eparker]

I posted something earlier about a settlement with ERSolutions.  The original creditor is American General, here is my question or concern.  The account is still listed as American General on all of my credit reports.  It is also reporting as a tradeline and not under collections.  However, in the comments of the American General tradeline entry it does say, chargeoff/bad debt and I think one does say collection.

Since this item is NOT under the collections section can I expect a decent point increase.  They will report as $0.00 balance, paid or settled.  Just trying to see if I will get any points when it updates.  Again this account is showing as a tradeline account and NOT under collections. 

I hpoe I didnt confuse anyone.  Thanks in advance.....

[Hi eparker - I attached this message to your earlier thread, since these posts deal with the same issue.  Hopefully the combined information will generate some useful responses. - Lel]

[LIGHTNIN]

I'm only guessing but I dont see a points increase.

Would need more info...

What is the balance the OC reporting?

Is the CA (ER Solutions) reporting?

Did you get an agreement with the CA (ERSolutions) to NOT report?

IF not, and they report as a paid CA you will see a score drop.

I would suggest contacting the CA to agree not to report asap. 

[eparker]

Hey lightnin.....the original balance is reporting $1600.  ERSolotions is NOT on my credit report, only the original creditor.  Yes I do have an agreement with ERSolutions, they will inform OC that account has a zero balance. 

Hope this helps...

[LIGHTNIN]

Yes the CA should inform the OC it paid.

But what I'm afraid of is, the CA will start reporting as a Paid collection, That will cause your score to drop.

As I said before, make sure the CA does not start reporting.