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CREDIT UNION CHARGE OFF

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Superk88
Regular Contributor

CREDIT UNION CHARGE OFF

So..I have a credit union I owed 1400 to. They offered to settle for 800...but.

 

They told me it will report as paid but there will still be a balance reflecting....how is that possible.

Message 1 of 7
6 REPLIES 6
mfinsmi1
Established Contributor

Re: CREDIT UNION CHARGE OFF

You should try to speak to someone else at the CU. If there is a settlement offer that you pay for reporting purpoes the account should go to $0 and the remark on the account will say something like Paid for less than full or Paid / Settled , but whoever you spoke to probably doesnt understand how a settled account reports . 

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FICO SCORE 8/9 - Current 1/6/23

Stats: : 3/6; 8/12; 17/24 --- AAoA 3 YRS, 8 MO --- INQ: EX-6/TU-7/EQ-2
Message 2 of 7
Superk88
Regular Contributor

Re: CREDIT UNION CHARGE OFF

I'm waiting for the manager to call me back.

 

Cause they said that I wouldn't not be responsoblile for the difference but it will still report a balance. 

 

I was told "we will report the account as settled but still show a balance for the differnece"

 

i am confused.

Message 3 of 7
FireMedic1
Community Leader
Mega Contributor

Re: CREDIT UNION CHARGE OFF

Wrong. Settled or PIF it must reflect a $0 balance. Thats FRCA.


Message 4 of 7
Superk88
Regular Contributor

Re: CREDIT UNION CHARGE OFF

They said a futur borrow would be able to see the balance.

 

It would not report to 0. 

 

I did a consolidation loan to pay off all my charge offs and collections I have two that are being aggrivating.

Message 5 of 7
mfinsmi1
Established Contributor

Re: CREDIT UNION CHARGE OFF

@Superk88 I know sometimes in the remarks field for settled accounts it will show the $amt you settled for....maybe this is what they were referrring to. But in terms of the reported account balance it will be $0

Personal Cards (Over $100k):

Business Cards:

Rebuilding Starting Scores - December 2021

FICO SCORE 8/9 - Current 1/6/23

Stats: : 3/6; 8/12; 17/24 --- AAoA 3 YRS, 8 MO --- INQ: EX-6/TU-7/EQ-2
Message 6 of 7
OmarGB9
Community Leader
Super Contributor

Re: CREDIT UNION CHARGE OFF

By law they must report a zero balance whether paid in full or settled for less. If you go ahead and settle and they don't update to $0, you can file a complaint with the CFPB.


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Message 7 of 7
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