Hello, I submitted a PFD memo to Portfolio in June offering to settle a 5yr old collections. I offered half the $3312 balance. I probably could have settled for less, but figured the more I offered, the more likely they would be willing to accept the offer without going back and forth with negotiations. I received an acceptance letter a week later, in which they stated that once I made the payment, the account would be reported as paid-in-full for less than the full balance, they will delete the account from the CRA's within 30 days of payment receipt and acknowledging that the account is outside of the SOL so they cannot sue me. In the envelope with my settlement check, I restated these conditions and to further cover myself, added a statement that they they agree to conditions taht acceptance of the settlement payment will bring my debt $0 (just in case they later tried to sell the remaining balance to another agency).
Today I got CRA reports that one of my account balances decreased and noticed that this account reflected a payment in the amount of my check, but instead of showing a zero balance, it shows there is still a balance of the amount left over after my payment. It still looks as though I have a balance owed on the account. Is this how settled accounts should report? In addition, the account isn't being reported as paid-in-full for less than the full balance, as agreed. Instead, the remarks still say "Dispute resolved; customer disagrees" from a previous dispute.
Can anyone offer some insight as to how the account should now be reporting? Also, I notice that my credit score has not changed either way, no increase or decrease. Could the current reporting be affecting the score ? Of course, if changes it will drop my score, then I'll leave it alone. But if this settlement and correction of the tradeline balance to zero will increase the score, then would it be wise to dispute or just let it go and wait until in falls of in 30 days....IF they honor the agreement?
Thanks in advance for any insight provided.
