The way I see it, you have these options:
1) Dispute it at the CRA website(s). Say that the balance is being erroneously reported as more than $0, when it was actually settled.
2) Call and/or send letters to the creditor, asking them to revise the record to reflect the account being settled.
3) Wait until December for the problem to resolve itself.
Total Loan Balance: $43k / $65k
Total SL: $78kHonestly, I wouldn't expect your score to change much (if at all) by having the record corrected. The creditor is very likely NOT reporting the account as unpaid every month, since you paid it off. And a paid collection is not really that much better than an unpaid one.
The biggest change to your score will occur when the aount gets removed in December. You might be able to speed up that process by either calling the CRA to ask them to remove it earlier, or calling the colleciton agency to ask for a goodwill removal of the account. Worst case scenario, even if you don't get any of those things, you'll still be in great shape in December when it falls off your report on its own.
@JLL2104 wrote:
Thank you Corey.
The account does show closed, just with a balance
Is there zero benefit in paying the ~$300?
Honestly it probably won't change your score much when it changes to $0 from $300. But it couldn't hurt to poke the creditors and/or CRA's to have them revise it, you might get a small bump in your score.
