topic Settled an account, but it is being reported as still having a partial balance. in Rebuilding Your Credit

Settled an account, but it is being reported as still having a partial balance.

Anonymous — Fri, 12 Feb 2016 01:00:42 GMT

I settled an account with Portfolio Recovery Associates ( scumbags )

The account was for 2500, I came to an agreement to settle for $1600 ( they had filed suit against me so I wanted it dead ). I got an email contract from them which clearly states this is to settle the account before I made payment, but now I see an equifax alert that the balance of the account has changed to $980 ( the entire account amount, minus the settlement amount ) . What is going on? As I understood from my research, If I settled an account, it would report 0 balance, not paid in full, but it would report 0 balance, as would the oriinal creditor account who sold it to the collector. So what's going on here? Are these people pulling some shenanigans?

Exact wording ( cut and paste ) of the settlement contract.

Your account was purchased on 2/18/2015 from U.S. BANK NATIONAL ASSOCIATION.

This letter confirms your

arrangement made on 2/3/2016 to make the following payment(s) to settle this account.

Payment in the amount of $1,601.59 is due by 2/3/2016.

Should you miss any of the payments described herein, this payment plan may become null and void. We are not

obligated to renew this offer.

If you complete this payment plan and our company is reporting our company’s trade line for this account to the three

major credit reporting agencies, our company will report this account as settled.

Re: Settled an account, but it is being reported as still having a partial balance.

AutoBot — Fri, 12 Feb 2016 01:43:46 GMT

The wording didn't actually say they will then report a $0 balance.

Re: Settled an account, but it is being reported as still having a partial balance.

Anonymous — Fri, 12 Feb 2016 01:49:37 GMT

I'm so sorry. Oct 2014. PRA account. Still battling myself.

So far, they are the hardest group I've had to deal with. Seriously difficult. US Bank actually isn't that bad in clearing your name. We can PM later.

Does the email state anything about settled in full?

Waiting for RobertEG to post. He's good with laws.

Re: Settled an account, but it is being reported as still having a partial balance.

Anonymous — Fri, 12 Feb 2016 01:59:56 GMT

I had similar thing happen with MMC I ended up filing a dispute with all 3 CA and sending documentation of the settlement offer. The first time I disputed I didnt send documents, it wasnt corrected the next time I sent documentation of payment and settlement offer. This time it was corrected showing paid and settled with a zero balance. Good Luck!

Re: Settled an account, but it is being reported as still having a partial balance.

RobertEG — Fri, 12 Feb 2016 02:32:21 GMT

It says they will consider and report it as settled.

Any reasonable interpretation would be legally settled, and thus $0 balance.

If an informal call will not cause them to correct, then file a dispute, asserting a currently inaccurate statement of a balance remaining under collection.