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I made a settlement agreement with US Bank in writing and it states "US bank agrees to accept this sum as settlement in full on the above referenced account number". After the settlement they reported the payment but not settled or settled for less, only the payment so i called and they sent me a letter saying exactly " We are in receipt of your pament for the above refeerenced account. This matter has been resolved and we have updated your account as settled within our system. The status of your account and mount of cancelled balance that remain charged off will be reported to the credit bureaus. No mention of settled or settled for less and still showing a balance owed ?
Is this a violation of some FCRA ,or something. If they accepted a payment as settlement in full (i have it in writing), aren't they obligated to report it correctly as settled for less and zero out the balance owed. This is still affecting my credit, what is my recourse?
I am sure there are many experts here that can answer with more expertise than I with respect to the charged of amount. However, I just wanted to say that us bank isn't necessarily the speediest bank for getting the reporting done. I would think a couple months/cycles minimum to see if it is correct. Many times they seem to miss an entire month of updating for me...
How long has it been, and best of luck with it.
I have no problem waiting , i was just commenting on the statement that "the status of your account and the amount of the cancelled balance that will remain charged off will
be reported to the credit bureaus." Do you think they are just saying it will be listed as settled for less balance 0, and just state the amount charged off. I just want to be sure the balance will show zero. I am correct it should ,if we settled correct ?