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

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

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.

Message 1 of 6
5 REPLIES 5
Established Contributor

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

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.






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Message 2 of 6
Established Member

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

Thank you for the info.

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

Message 3 of 6
Moderator

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


@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.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 4 of 6
Established Member

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


@gdale6 wrote:

@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.


Ok, I am confusing Smiley Sad

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

Message 5 of 6
Moderator

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


@coolzryder wrote:

@gdale6 wrote:

@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.


Ok, I am confusing Smiley Sad

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


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.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 6 of 6
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