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Discover settlement

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Red1Blue
Super Contributor

Discover settlement

I made a settlement with collection company for Discover charged off account and paid them. How long will it take for Discover to approve the balance ? Should I put a dispute with CRA to update / delete the information or should I wait few weeks and see if it gets updated ?

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thornback
Senior Contributor

Re: Discover settlement

It can take an original creditor anywhere from 30-60 days to update a tradeline after payment to a collection co. Disputing it will likely not speed up the process so it's best to just wait it out. You can contact Disco directly tho and let them know payment was made and provide confirmation- rather than wait for the collection agency to get around to notifying them - that *may* speed things up a bit.

Disco will update their tradeline to reflect closed, paid / settled for less; charged-off, $0 balance, but the tradeline will not be deleted. You'll have to try a Goodwill campaign to accomplish deletion - which may or may not work.
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