Im an idiot - portfolio recovery got me. I think.

[Anonymous]

An an old old charge off popped up. I disputed, fell off than came back on. CS went from 725 to 670. I called them and the lady says it will be paid in full for 220. The CO was only 300. Just wanting it gone I said fine and paid. This was a month ago and they are still reporting as open with a balance. My online account is closed with them. Any suggestions on what to do or did I fall in there trap? I feel like a sucker. Thanks

[Anonymous]

It’ll update but can take as much as 45 days to do so. You are aware though that most likely it’ll update to “paid/settled” rather than disappear from your report, right?

[Anonymous]

I am aware. I don't think I got the best advise. I read that settled /paid in full would be the same on my report.

[Anonymous]

Scorewise they are the same - the settlement only counts for less under manual review.

[zerofire]

It depends on what score your new lender is using. If they use FICO 9 then you will look better as it will not count against you now. If they use FICO 8 then it caunts as a collection. If the manual review occurs then it will look better than if it was unpaid but worse than if it never existed. Also it would have been better for you to have disputed it with the beureu as now they have reset the clock on that collection to zero. It is even worse if they lied for the payment and you did not get any paperwork for the $220 as final. They can now go after you for $80 if they want and another set of collection fees.

[dlm1113]

I have heard that PRA is now deleting those that have settled or paid their accounts in full beginning 10/17/18.  Looks like you don't even have to ask!

If you look at other threads, people are getting PRA deleted left and right! I have to get mine paid!!

[RobertEG]

Did the "old charge-off pop up" as a reporting by the original creditor, or as a collection reported by Portfolio Recovery?

Paying a debt collector will never result in removal of reporting made by the original creditor.

Only the party who reported information can then delete that reporting.....

The debt collector can delete their reported collection, but cannot remove any reporting of a CO made by the creditor.