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Portfolio Recovery - Paid them off, but reported as settlement agreement.

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Valued Member

Portfolio Recovery - Paid them off, but reported as settlement agreement.

So I paid them off in agreement that they remove the accounts. Just got an update from experian that a settlement agreement is being reported on those accounts. It hasnt been 30 days yet, do you think I should worry or will pra still delete the tradelines?

Message 1 of 5
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Community Leader
Senior Contributor

Re: Portfolio Recovery - Paid them off, but reported as settlement agreement.

It’s normal. They’re required by law to promptly update the status. They’ll still delete it, it’ll just take a little time to be reflected.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | GHS Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





TCL $56,050 | Agg. Util ~5%
Message 2 of 5
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Valued Member

Re: Portfolio Recovery - Paid them off, but reported as settlement agreement.

Thanks! Hopefully sooner rather than later. Considering they updated it already, hopefully the delete in close. I can't wait too see what it does to my score. I've been rebuilding and these accounts are the last baddies to go
Message 3 of 5
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Community Leader
Senior Contributor

Re: Portfolio Recovery - Paid them off, but reported as settlement agreement.

From what I’ve read, they’re pretty prompt with it. You should see your gains soon.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | GHS Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





TCL $56,050 | Agg. Util ~5%
Message 4 of 5
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Frequent Contributor

Re: Portfolio Recovery - Paid them off, but reported as settlement agreement.

Their policy is to update the status as "Paid and Settled" within 10 days. Then, request deletion within 30 days. 

 

Bear in mind they request deletion within 30 days but can take the bureaus several days to update. Therefore, don't panic if on day 31 it's still there but it will be soon after. 


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