Need Advice

[Anonymous]

I settled a $493 Verizon account with collection agency for $363. Last week, They reported me past due/late for $130 and my score dropped over 45 points. Today, they updated to collection/charge off with $0 balance and my score rose 21 points. Should I bother disputing to show settled or is this better to leave as is?

I’m freaking out because I have worked so hard to get my scores right and now this!! I was at 668 before this and I’m trying to buy a house. Lender doesn’t seem to worried and said “as long as it shows $0 it’s ok.”

Should I proceed with dispute? Do I need to do anything else?

Thanks!

Reggie

[silver_idle]

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@Anonymous wrote:
I settled a $493 Verizon account with collection agency for $363. Last week, They reported me past due/late for $130 and my score dropped over 45 points. Today, they updated to collection/charge off with $0 balance and my score rose 21 points. Should I bother disputing to show settled or is this better to leave as is?

I’m freaking out because I have worked so hard to get my scores right and now this!! I was at 668 before this and I’m trying to buy a house. Lender doesn’t seem to worried and said “as long as it shows $0 it’s ok.”

Should I proceed with dispute? Do I need to do anything else?

Thanks!

Reggie

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I would wait a little bit before disputing. Some lenders usually want to see a $0 balance, but if you still want the remark to show it was settled/paid, you would usually want to wait up to 30 days to see if your report will update. If you dont want to wait, you could dispute it but it would likely take just as long (which would delay the update to your report).

[Girlzilla88]

Charge Off is better than a Late report so I would wait as well to see if things settle themselves if not I would get it corrected

[Girlzilla88]

Once all is said and done though I would see about having it removed completely if the CA you paid doesn't remove it since you really don't want to have that on your report at all if possible.