Settled payment plan outside of court for 50% with CAP1, still reporting full balance?

[coolzryder]

I settled CC lawsuit for 50% with CAP1 out side of court and they are still reporting full balance. Can they do that? Shouldn't they report for settled balance?

Settled for payment plan for 5 years and just made a first payment. Full balance is 110% utilization and looking for a way to bring to 50% with correct amount.

[simplegirl]

Capital one is slow to update. I paid on the 26th in full and if didn’t update to zero until yesterday and that was only on TransUnion. The other two still show a balance. So I would wait it out.

[coolzryder]

Thank you for the info.

However my question is after enough time, CAP1 needs to correct the balance right?

[gdale6]

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@coolzryder wrote:

Thank you for the info.

However my question is after enough time, CAP1 needs to correct the balance right?

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Yes, they are required by law to report factual information and that includes a balance. What will happen is they will report the balance lower as you make the payments and once you complete the deal they will be bound to report it as 0.

[coolzryder]

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@gdale6 wrote:

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@coolzryder wrote:

Thank you for the info.

However my question is after enough time, CAP1 needs to correct the balance right?

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Yes, they are required by law to report factual information and that includes a balance. What will happen is they will report the balance lower as you make the payments and once you complete the deal they will be bound to report it as 0.

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Ok, I am confusing

Are you saying CAP1 will report the balance lower from settled amount or from full balance?

[gdale6]

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@coolzryder wrote:

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@gdale6 wrote:

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@coolzryder wrote:

Thank you for the info.

However my question is after enough time, CAP1 needs to correct the balance right?

---

Yes, they are required by law to report factual information and that includes a balance. What will happen is they will report the balance lower as you make the payments and once you complete the deal they will be bound to report it as 0.

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Ok, I am confusing

Are you saying CAP1 will report the balance lower from settled amount or from full balance?

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Should be from the full balance as they are not required to immediately take that balance to the agreed to amount. Once you make that last payment and are no longer required to make further payments then they are required to update the entire balance to 0. If this went to CO and the payment plan is longer than the CRTP the entire account will still be excluded from your credit file at the correct time.