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Member
MissMaraJaded
Posts: 17
Registered: ‎04-05-2012

Should I GW an account paid in full for less than the full balance?

I ended up settling a USAA card back in 2010 by paying less than the full balance. On my credit report, it's listed as "Account legally paid in full for less than the full balance". According to Experian via CreditReportTotal, it's listed as "Election of remedy - reported by subscriber ".

I'm currently still a USAA car insurance member as of 15 years. (Though they really wanted to discontinue my insurance due to my credit card problems, but they did not.) I'm also an AU on a credit card with my mom that has perfect history.

 

This is one of the biggest baddies on my report, but I'm not sure if I should even attempt to handle it. Is it worth sending a GW letter? I worry I might awake a sleeping giant and they may demand I pay the rest of the card balance, but at the same time my car insurance history is excellent and I have never missed a payment. 


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Tischer712
Posts: 235
Registered: ‎12-02-2011

Re: Should I GW an account paid in full for less than the full balance?

If I am not mistaken, you paid for less than full balance, and that was an agreement, they cannot come after you for the difference. I am almost 100% sure of that. It has been agreed and paid upon. I GW a couple companies I paid less than full balance and was successful.


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RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Re: Should I GW an account paid in full for less than the full balance?

Yeah, it would be a very questionable practice for a creditor to accept payment when no debt is owed to them.

But the buck talks!

Frequent Contributor
suebee123
Posts: 252
Registered: ‎11-13-2011

Re: Should I GW an account paid in full for less than the full balance?

@Robert-Capital One was all to happy to take my money, after a legal settlement in 2009.  I was my choice to pay them, wanted my account to reflect paid in full.  They still haven't updated the reporting to the credit bureau but they say it will be a "paid chargeoff".

 

I called the dispute dept. today, and questioned the reporting due to the fact the account was never late, they sent me an unsolicited letter stating I didn't have to pay if I didn't want to and they would write off my account.  No lates at all, just shows chargeoff in Apr 2009 and current before that.  The dispute CSR is "researching" this account, as she seems stumped as to why they would have sent the letter in the first place!!! 

 

She's supposed to call me back next MOnday or Tuesday, I hope she'll change the reporting to positive or delete it all together!

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Member
MissMaraJaded
Posts: 17
Registered: ‎04-05-2012

Re: Should I GW an account paid in full for less than the full balance?

How should I approach this one? Should I send a DV or a GW to USAA first?


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llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Should I GW an account paid in full for less than the full balance?

[ Edited ]

MissMaraJaded wrote:

How should I approach this one? Should I send a DV or a GW to USAA first?



You can only DV CAs.

 

Send a GW.

 

BTW, FICO scores "Election of Remedy" and "Account legally paid in full for less than the full balance" as a negative. You'd want that removed.


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