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Legally paid in full for less than full balance

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Legally paid in full for less than full balance

Hi Everyone,

 

I have two accounts which I settled on a few years ago and they are killing my credit score (cannot seem to go from good to very good). I believe Experian is being more gracious about these accounts compared to Equifax and TransUnion. Below are the details (in detail) of the accounts. I'd love advice on the discrepency between the beureus, how I can resolve it, and maybe even how to remove these accounts altogether. Thanks!

 

Bank of America Credit Card

Date Opened: May 2014

Status Updated: June 2017

 

Experian:

Payment Status: Legally paid in full for less than the full balance

Comments: Election of remedy - reported by subscriber

 

Equifax: 

Payment Status: Bad debt & placed for collection & skip

Your Statement: 1.Settlement accepted on this account  2.paid charge off

Comments: 1.Settlement accepted on this account  2.paid charge off

 

TransUnion:

Payment Status: "-"

Comments: Settled; less than full balance

 

 

Wells Fargo Credit Card:

Date Opened: November 2011

Status Updated: June 2017

 

Experian:

Payment Status: Legally paid in full for less than the full balance

Comments: 1. Subscriber reports dispute resolved - consumer disagrees. 2. Completed investigation of FCRA discpute - consumer disagrees

 

Equifax:

Payment Status: Bad debt and placed for collection & skip

Your Statement: Settlement accepted on this account

Comments: Settlement accepted on this account

 

TransUnion:

Payment Status: "-"

Comments: Dispute resolved; customer disagrees

 

 

Something Strange:

When I am looking at CreditCheckTotal Credit Report, Compare All, Accounts I see the following (colors are the same as the report):

 

Bank of America Credit Card:

Experian - "Paid"

Equifax - "Negative"

TransUnion - "Negative"

 

Wells Fargo Credit Card:

Experian - "Paid"

Equifax - "Negative"

TransUnion - "Negative"

 

 

 

Experian credit report tends to be 10-15 points higher so maybe some of the above could explain all this? My credit score is topping out at 710ish currently and doesn't seem to have any way to go higher with these accounts. What do you think I should do?? Thanks!!

 

 

 

 

 

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Message 1 of 14
13 REPLIES 13
Established Contributor

Re: Legally paid in full for less than full balance

Unfortunately the only thing to do is get a goodwill for both accounts. On my accounts across the 3 bureaus it shows the same way as yours expect for the settled part because I paid in full & my experian is the highest with equifax falling very short and that one has 1 less collection.






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Message 2 of 14
Contributor

Re: Legally paid in full for less than full balance

One thing I forgot to add.. I obviusly have 30, 60, 90, 120+ days late, Failed to Pay (FP), and Negative (N) across these accounts. Am I getting hit for all of these as well?

 

 

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Message 3 of 14
Moderator

Re: Legally paid in full for less than full balance


@CreditSage wrote:

One thing I forgot to add.. I obviusly have 30, 60, 90, 120+ days late, Failed to Pay (FP), and Negative (N) across these accounts. Am I getting hit for all of these as well?

 

 


Not necessarily as the CO is the elephant. I see updating stopped in 2017 so yes your Fico is recovering just slowly. Whatever you do you do not want these updating or it will depress your Fico further as if the CO happened today. For CAs reporting paid you want to try the GW letter to remove them and leave the OCs alone for the moment, your best shot with them is in the last year of reporting. If you send a GW to an OC they sometimes will update saying that you dispute the account even though you may say it is not a dispute and this too would drop your Fico score so be careful what you do here.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 4 of 14
Contributor

Re: Legally paid in full for less than full balance

Thanks. I just checked again and realized that the wells fargo credit card shows account updated in October 2017 for TransUnion and Equifax (still June for experian). I wonder if I did a dispute then and it updated the account :/. Can you explain the reprecussion of that? Also, what is OC?

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Message 5 of 14
Contributor

Re: Legally paid in full for less than full balance

My report shows 3 years 11 months since my last late payment.

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Message 6 of 14
Moderator

Re: Legally paid in full for less than full balance


@CreditSage wrote:

Thanks. I just checked again and realized that the wells fargo credit card shows account updated in October 2017 for TransUnion and Equifax (still June for experian). I wonder if I did a dispute then and it updated the account :/. Can you explain the reprecussion of that? Also, what is OC?


If EX is showing an update in June of 2019 then that is causing you more Fico points decrease than something that has not updated since the last time in 2017.  I would not dispute the ones last reported in 2017 even if there are minor discrepancies as it will result in a Fico score decrease when they fix those problems. Fico goes off the status date to make its calculations. OC is original creditor

 

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 7 of 14
Contributor

Re: Legally paid in full for less than full balance

I don't quite follow your advice regarding not disputing it but sending GW letters... 

 

Is sending GW letters considered a dispute?  They all say Paid for less than full balance generally speaking (semantics). Should I be sending GW to all of them? Please elaborate on this.  

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Message 8 of 14
Contributor

Re: Legally paid in full for less than full balance

Are you saying send GW letters to CA, Experian in this case, for both cards? Every forum I've read about GW was to the OC. Please advise. 

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Message 9 of 14
Community Leader
Super Contributor

Re: Legally paid in full for less than full balance

These accounts, were they eventually charged off? 

 

You're mentioning lates and settlement, so it's unclear what the final status was. 

 

EX 753 EQ 773 TU 752
Message 10 of 14
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