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Paid in settlement Chase account reporting as CO - is that normal & can I dispute?

DavidM1975
Established Member

Paid in settlement Chase account reporting as CO - is that normal & can I dispute?

 

I've been here three days and I can already see how these forums are WAY more useful than any "credit fixing" company out there! Question: I paid off in a settlement a HELOC account with Chase that was past due. I made the last payment this past February and I thought this would result in the account reporting as positive but... it's being reported as CO and it is now apparently hurting my credit. Is this the way it's supposed to be and what can I do to fight it?

 

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LaHossBoss
Senior Contributor

Re: Paid in settlement Chase account reporting as CO - is that normal & can I dispute?


@DavidM1975 wrote:

 

I've been here three days and I can already see how these forums are WAY more useful than any "credit fixing" company out there! Question: I paid off in a settlement a HELOC account with Chase that was past due. I made the last payment this past February and I thought this would result in the account reporting as positive but... it's being reported as CO and it is now apparently hurting my credit. Is this the way it's supposed to be and what can I do to fight it?

 


How long had it been late prior to making the settlement arrangements? Was it a CO before making the settlement arrangement?

 

If you made a settlement to pay off the account, it probably is accurate that it is a CO because they had to write off part of the remaining balance. Payments towards a settlement generally do not report as positive history on your CRs.




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