Settlement not reported

[Anonymous]

I made a settlement about 5 months ago with a barkley bank of delaware account (Juniper). I checked my report and it states charged off  with no indication of settlement as written in our agreement. Are they within the law or do I have a valid dispute, would I be able to have the entire line removed from the report if they have not withheld their end of the agreement concerning reporting the settlement to the credit agencies?

[RobertEG]

Yes, they must report the settlement of the debt.

No, it is not basis for having their entire account deleted.

Any furnisher is required, once they have reported information to a CRA, to promptly update that reporting so as to maintain its current accuracy.

FCRA 623(a)(2).  While the FCRA does not specify a specific period for the update, a reasonable interpretation of promptly would be in their next regular reporting cycle.

Four months is not, in my opinion, prompt.

A dispute is for the correction of inaccurate information, not to impose an penalty for inaccuracies.

It is not in the interest of the systtem or a requirment of the statute that correct reporting be deleted as a penaly for human inaccuracy.

[Anonymous]

 I put in a dispute to remind them of the agreement. Thanks for response.

[Anonymous]

I was able to get my report to show  the account was settled, (a 'discrepancy' was found,) the payment history is marked as charged off but not shown as closed. Other accounts I have settled were all marked as charged off and then closed after the settlement payment was made. Will it have a better effect on my credit report if shown as closed or will it have no impact?