Will this be reported as a new account, did I secrew myself

[Kkhalil85]

Hi all,

About 2 weeks ago I contacted TU to dispute a collection account that's showing on report, its my brothers account.  Anyway, I asked the rep when will my FIA Charge Off( settled for less than owed, but paid in full) fall off the account, its near the 7 years mark.  He said he can't tell me because FIA is not reporting the date of the last activity or the first past due date, and that I should call FIA and request them to report this info.  I called FIA, told the rep that I am NOT disputing the account and I told her what the TU rep told me.  She said all that info is being reported to TU and that everything is in order, and that she was sending me a confirmation letter.  I told her that I want nothing to be changed on the account, she assured me that there will be no changes.

A week later, I received a letter dated Aug 17 from FIA.  On the upper right corner there is two boxes one say NEW account ending and the second box says PREVIOUS account ending, both with the same numbers. Also the letter reads as follows:

" Thank you for your final payment toward the settlement of the above account.  

What you need to know

This payment completes the settlement and your new account will be reported to the consumer reporting agencies as settled, paid for less than the full balance amount."

Please share your input with me, I am afraid that will report as a new account and that my fico score will drop.  I do have myfico ScoreWatch  and credit secure from amex.  no changes to my score as of today.  

Thank you in advance, sorry for the long post, please let me know if there is anything that could be done to prevent a score drop.

[Kkhalil85]

Can someone tell me if I posted this in the wrong section? thanks

[gdale6]

its in the right section and I would suspect they are just going to update the TL since the account numbers are the same, if it hasnt updated in a while its going to result in a Fico score drop but if you have been paying on it and they have been updating monthly there is no additional score drop coming the damage has already been done.

[Kkhalil85]

Thanks gdale6,  this account was settled in Dec 08/ Jan 09 (last payment sent).  Last late payment is showing to be Dec 2008 or Jan 2009 depending on which CR I look at.  Does this mean that the account will be deleted on Dec 2015 and/or Jan 2016?

[gdale6]

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@Kkhalil85 wrote:

Thanks gdale6,  this account was settled in Dec 08/ Jan 09 (last payment sent).  Last late payment is showing to be Dec 2008 or Jan 2009 depending on which CR I look at.  Does this mean that the account will be deleted on Dec 2015 and/or Jan 2016?

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If it was COed then it can only report a max of 7.5 yrs from the accounts DoFD the creditor can give you this date, it would preceed a last payment on a settled account. If it never went to CO then each late drops at the 7 year mark until there are none left and it becomes a positive account that remains on file for up to 10 years post close.

[Kkhalil85]

Thanks again, to be honest I don't recall how it was closed.  I owed them a lot of money at that time (college), called them and said I couldn't pay because of all the fees they hit with.  They worked with me, removed the fees and made a payment plan for me, which i finished.  On my CR EQ and TU list 120+ Late as the worst delinquency, and Ex list collection as the worst delinquency.