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Sue a CCC for calling a PIF a CO?

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RobertEG
Legendary Contributor

Re: Sue a CCC for calling a PIF a CO?

Sure, he paid less than the full debt accrued, but that is not the usage of that special comment.

It only applies when the paid status resulted from payment of a delinquent debt.  It is not intended to record voluntary offers of creditors to excuse non-delinquent debt.

It is an improper code in this situation.

Message 11 of 19
AndySoCal
Valued Contributor

Re: Sue a CCC for calling a PIF a CO?

Roberteg,

 

It doesnot amke any difference if the account has been or is delinquest.. If you do not pay the balance in full that remark will show on the report.

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Custom Cash 5/2015 11,100 C State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Quorum FCU State Department FCU State Department FCU Pelican State CU Redstone FCU

Message 12 of 19
RobertEG
Legendary Contributor

Re: Sue a CCC for calling a PIF a CO?

I respectfully disagree.

Message 13 of 19
LoneWolf52
Established Member

Re: Sue a CCC for calling a PIF a CO?


@RobertEG wrote:

I respectfully disagree.


And I respectfully hope you're right, Robert! 

Message 14 of 19
flowman
Established Member

Re: Sue a CCC for calling a PIF a CO?

Chase is very forgiving removing charge-offs and old settled debt. Not sure if the route you're taking is the best move to ultimately meet your objective. I've had two baddies removed - one was an old settlement and the other was a charge off set to expire in 2013. I contacted their executive office, explained my circumstances and they deleted both accounts from all three bureaus. My credit score jumped significantly. In your case, filing an FTC complaint against them makes getting a goodwill gesture that much harder. Either way, I would suggest contacting their executive office to see if they could extend you a goodwill. Lots of chase success post are on this board. Review them to get the specifics of contacting chase CEO. Good luck.
Message 15 of 19
Anonymous
Not applicable

Re: Sue a CCC for calling a PIF a CO?


@AndySoCal wrote:

jimbo831,

 

The settled for less than balance would come from he paid only 90% of the amount. owed according the OP original post


I understand that, but I'm not sure if that is legit.  Settled for less, as far as I know, is reserved for collections and charged-off accounts.  While the account was still current, you can change the original agreement if both parties agree to do so.  IMO that new agreement would supercede the old agreement and not be settled for less, but instead, paid off in full at the newly agreed upon balance.  This is obviously just my opinion on the situation.

Message 16 of 19
AndySoCal
Valued Contributor

Re: Sue a CCC for calling a PIF a CO?

For those who think this comment is reserved for only charge off and collections I can you give the reason(s) why. By  reasons I mean something besides another persons post on this site.   Btw it currently being reported as a charge off.

 

Edited; I readed the OP again.

 

The account should not be reported as a charge off that is not correct.  The account should be reported as Paid as the account status with a comment account was settled for less than full balance as Settled as the account status. The comment is needed to clarify how it was paid ie not balance in full.  The charge off came after the fact of the agreement on the terms of paying the account off. And in my opinion should not be reprted as such.

 

 

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Custom Cash 5/2015 11,100 C State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Quorum FCU State Department FCU State Department FCU Pelican State CU Redstone FCU

Message 17 of 19
LoneWolf52
Established Member

Re: Sue a CCC for calling a PIF a CO?


@AndySoCal wrote:

For those who think this comment is reserved for only charge off and collections I can you give the reason(s) why. By  reasons I mean something besides another persons post on this site.


Andy, yes, please give me the reasons why so I can figure out what to do about this bad boy. I've only got a couple more left to remove from my CR before I'm golden again! So do I dispute this with the CRAs or throw myself on the mercy of Chase with a GW letter?

Message 18 of 19
AndySoCal
Valued Contributor

Re: Sue a CCC for calling a PIF a CO?

The reasons I wanted are from those who think the remark account settled is for less than full is reserved for charge off and collections. I see I left a word out.  That said now regarding trying to get this account  off your report. You can try to see if Chase will do a good will deletion  If you have the $$  you can offer to pay Chase  the amount saved in the settlement this would convert the account to a positive one.  I do not see disputing the account with the bureaus helping your score any if at all.  Of the options given you might try the GW letter not sure how it will work out

 

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Custom Cash 5/2015 11,100 C State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Quorum FCU State Department FCU State Department FCU Pelican State CU Redstone FCU

Message 19 of 19
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