If I settled with CA though, should OC on credit report be updated to say settled also ?
@avggoal700 wrote:If I settled with CA though, should OC on credit report be updated to say settled also ?
Yes. If the debt was paid through the CA, the OC would also have to show a $0 balance.
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@Shogun wrote:
@avggoal700 wrote:If I settled with CA though, should OC on credit report be updated to say settled also ?
Yes. If the debt was paid through the CA, the OC would also have to show a $0 balance.
Thank you .
@RobertEG wrote:I would add that there is also a timeliness requirement to do so. They cannot simply report at their discretion.
FCRA 623(a)(2) requires a furnisher to promptly update any prior reporting so as to maintain its current accuracy.
I would consider prompt to reasonably be in their next regular reporting cycle.... approx 1 1/2 months max
If more than that, you would have basis for a formal dispute for lack of compliance with section 623(a)(2).
I settled with the CA in 2012 and they provided me a settlement letter at that time.