Synchrony bank - resetting the clock on closed settled account?

[Remedios]

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@Anonymous wrote:

Yes but the account is settled for less and closed. So that's why I'm confused. If they keep reporting on this account It will be detestation to my credit. They even taxed me on the remainder of the settlement. There should be nothing left to pay

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I am a little bit confused here 

You said above "never charged off" so how are you settling if there never was a charge off? 

Settlements can only be made on COs, not late payments. If you were past due at 60 days, didnt pay past due and never brought it to current, that's a charge off 

[Sandman771]

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@Anonymous wrote:

Right it was settled and closed in September 2020 June 2021 it was reported closed again. I will try to upload a screenshot shot. 

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It should report every month but the date should remain the same. In other words it is going to say June 2021 for 7 years. 

[Anonymous]

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@Sandman771 wrote:

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@Anonymous wrote:

Right it was settled and closed in September 2020 June 2021 it was reported closed again. I will try to upload a screenshot shot. 

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It should report every month but the date should remain the same. In other words it is going to say June 2021 for 7 years. 

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No it hasn't reported since 9/20 now it shows 7/21. It was 60 days late in August 2020. I paid the non interest balance as a settlement and they closed the account with the note " settled for less" I was never in collections. I paid it before it got that far. The account was one of those no interest if paid by. I past my dye and the accrued interest was due. I got sick and unfortunately this account suffered. I still paid. I just don't understand the recent reporting on a closed account that is settled. It seems malicious as it dropped my credit 

[Anonymous]

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@Remedios wrote:

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@Anonymous wrote:

Yes but the account is settled for less and closed. So that's why I'm confused. If they keep reporting on this account It will be detestation to my credit. They even taxed me on the remainder of the settlement. There should be nothing left to pay

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I am a little bit confused here 

You said above "never charged off" so how are you settling if there never was a charge off? 

Settlements can only be made on COs, not late payments. If you were past due at 60 days, didnt pay past due and never brought it to current, that's a charge off 

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It was paid currant at 60 days. They agreed to let me settle for the interest it was never charged off. I paid the full non interest due. The account was closed. 

[Anonymous]

If I knew this would be such an issue I'd would have paid for deletion or at least tried 

[Yasselife]

I used to have a collection resetting the clock multiple times, and selling the debt to other Co agencies, my Vantage score showed as new while my fico reports maintained the same clock and shown when it would be deleted. 
   Is this the situation you're in? Fico is what counts and what major lenders use. It'll be deleted in 7yrs, do not worry.

[Anonymous]

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@Yasselife wrote:

I used to have a collection resetting the clock multiple times, and selling the debt to other Co agencies, my Vantage score showed as new while my fico reports maintained the same clock and shown when it would be deleted. 
   Is this the situation you're in? Fico is what counts and what major lenders use. It'll be deleted in 7yrs, do not worry.

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I understand but it's literally Synchrony resetting it. I honestly don't have 7 years. Especially if they keep resetting it. That in fact should be illegal for any debt. I am considering paying $1000 interest for a complete deletion. They even sent me a tax bill for the interest they wrote off in 2020. I don't know what to do 

[FinStar]

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@800wannabe420 wrote:

I believe your Target card is serviced by TD Bank, not Synchrony.

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Correct.

@Anonymous- Target was never serviced or managed by SYNCB (or previous predecessors).  Before it was part of TD Bank, it was handled by Retailers National Bank -- no affiliation to SYNCB. Whatever CLD decision they made was separate from SYNCB's Adverse Action decision -- just FYI.

[Remedios]

Nothing is being reset. 

Based on what you typed, that account is a charge off now, even if it didn't start as one.

It's just them reporting account remains unpaid.

If you are interested in when it will be removed, pull copies of free annual credit report. You will be able to see either DOFD (add seven years to it to get approximate removal time), or it will have "on the record until" which tells you when the removal will occur. 

The fact CO reports monthly doesn't change removal date, nothing does. 

Unlike removal of positive accounts, removal of negatives is legally mandated. 

[Anonymous]

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@FinStar wrote:

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@800wannabe420 wrote:

I believe your Target card is serviced by TD Bank, not Synchrony.

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Correct.

@Anonymous- Target was never serviced or managed by SYNCB (or previous predecessors).  Before it was part of TD Bank, it was handled by Retailers National Bank -- no affiliation to SYNCB. Whatever CLD decision they made was separate from SYNCB's Adverse Action decision -- just FYI.

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I figured that out from the last poster.  I am only having a synchrony bank issue I mistakenly added them to the bunch