Credit Cards Center Credit cards from our partners
Reply
New Visitor
Posts: 4
Registered: ‎04-19-2013
0

Settled Account Shows Up Twice, One With the Original Creditor and One with Settled Collector

 

I had a Capital One account that I settled wiht Midland Credit Management and I have a letter from Midland that my account was settled in full.

On my credit report it shows up as one Tradeline with Capital One and One Tradeline with Midland for the same account. Capital One shows up as Status "Closed, Written Off" and Midland Shows up as Paid Closed.

 

Is this normal? Isn't it supposed to be a one negative item instead of 2?

 

thanks,

Haluk

Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
0

Re: Settled Account Shows Up Twice, One With the Original Creditor and One with Settled Collector

It's normal for them to report that way. Both the OC and the CA can report. Send a GW to both.

New Visitor
Posts: 4
Registered: ‎04-19-2013
0

Re: Settled Account Shows Up Twice, One With the Original Creditor and One with Settled Collector

Ok. thanks I will.

 

How long does the settled collection hurts your score?

Once I was told that if you pay an old collection, initially it will hurt your score more than if you don't pay it b/c you bring tha account to current which makes no sense to me. Later on the effect will become less but I don't know how long it will negatively effect my score.

 

Haluk

Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
0

Re: Settled Account Shows Up Twice, One With the Original Creditor and One with Settled Collector

It can hurt for as long as it reports as a negative, which is 7-7.5 years from DOFD of the debt.

 

In some cases (and certainly not all) if you pay an old charge-off that hadn't updated in months or even years, paying it or settling it will cause it to update with the revised balance and that updated report date can harm your score in some situations.

 

Like with all baddies, the damage will fade over time and completely disappear when removed.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.