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I had a credit card with Chase back in 2008. Due to unforseen circumstances, the card went to collections. I set up monthly payments with the collections agency and eventually settled the account for less than the full balance in June 2011. However, the collections agency never settled the account out and Chase has been reporting this as 120+ days delinquent on my credit report every month since then. I'm trying to clean up my credit so i recently contacted Chase about the issue. Chase investigated it and found that I did indeed settle the account in June 2011. They are updating their records and correcting my credit report to show the account settled in 2011. This is the only remaining outstanding delinquent account on my credit report. Will this increase my credit score? How many points should it increase? Anyone ever have a similar situation?
If it was reporting a balance and a CL it was factoring into your score. With it paid it no longer will and you should gain some points there. However, if it was reported as a collections or CO, that will still impact your score.
Since it is paid, send GW letters to both Chase and the CA and ask for removal.