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Settled a collection in full, but they aren't reporting it correctly?

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Anonymous
Not applicable

Settled a collection in full, but they aren't reporting it correctly?

Long story short, I had a collection from JH Portfolio in the amount of $2,440 that was originally from World Finance Corpration (charged off in 2012) during my mortgage process I was instructed to payoff or settle that account.

I called them and asked if I could settle it and they told me they would be glad to. So I paid the amount they requested $961. They sent me a letter that says:

Your account has been closed and settled in full for the amount of $961. Now I just noticed on my credit report today that it has update, but instead of showing "settled in full" or "paid in full" that is shows that the account is closed but showing a balance of $1,469 there is no mention of settled in full or paid in full, it's written as if the collection amount has been $1,469 the whole time with no payments or anything.

They did tell me before I paid it, that it would report as a $0 balance and show "settled in full" on my credit report.

I don't want to dispute it yet as my closing date is in 6 days. Do I call them and ask them what's up or wait until I close on the house and dispute it and send a copy of the letter to the beureas? TIA
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1 REPLY 1
rmduhon
Valued Contributor

Re: Settled a collection in full, but they aren't reporting it correctly?

It's common for a settled account to report this way at first. The next update will change to zero balance.
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