I have a collection on my CR from when I was 16 or 17. My mom, a single parent, opened it up in order to have a checking account. She made some charges trying to take care of my brother and I. So, I understand and do not hold that against her.
However, the collection is on my CR. This year, I started trying to clean up and build my credit. So, I called the CA and paid the amount showing on my CR--$636.
However, Mountain Lion Acquisistions, also The Law Office of Scott Caruthers, said it would actually be settled in full, not paid in full.
I paid the full $636.00; it did accrue interest, but that's not what the CR showed. I paid the original debt and the total showing on the CR. Mountain Lion had actually sold my debt to another CA before I called, but when I reached out to them, they pulled it back. So, I have two questions.
The account is 6 years old. Will the settled in full status hurt my credit?
If so, should I dispute with TU and tell them that I paid the full amount listed on my CR?
Thank you all in advance. 
@Anonymous wrote:I have a collection on my CR from when I was 16 or 17. My mom, a single parent, opened it up in order to have a checking account. She made some charges trying to take care of my brother and I. So, I understand and do not hold that against her.
However, the collection is on my CR. This year, I started trying to clean up and build my credit. So, I called the CA and paid the amount showing on my CR--$636.
However, Mountain Lion Acquisistions, also The Law Office of Scott Caruthers, said it would actually be settled in full, not paid in full.
I paid the full $636.00; it did accrue interest, but that's not what the CR showed. I paid the original debt and the total showing on the CR. Mountain Lion had actually sold my debt to another CA before I called, but when I reached out to them, they pulled it back. So, I have two questions.
The account is 6 years old. Will the settled in full status hurt my credit?
If so, should I dispute with TU and tell them that I paid the full amount listed on my CR?
Thank you all in advance.
You don't want the word "settled" anywhere on your reports. It is scored the same as a charge off. Try and do whatever you can to get that notation taken off. But this will not report all that much longer if that's any consolation. Collections and CO's can report for no longer than 7.5 years from the DoFD (Date of First Delinquency) on the OC account that led to the collection or CO. Do you know the DoFD on this?
@MarineVietVet wrote:
@Anonymous wrote:I have a collection on my CR from when I was 16 or 17. My mom, a single parent, opened it up in order to have a checking account. She made some charges trying to take care of my brother and I. So, I understand and do not hold that against her.
However, the collection is on my CR. This year, I started trying to clean up and build my credit. So, I called the CA and paid the amount showing on my CR--$636.
However, Mountain Lion Acquisistions, also The Law Office of Scott Caruthers, said it would actually be settled in full, not paid in full.
I paid the full $636.00; it did accrue interest, but that's not what the CR showed. I paid the original debt and the total showing on the CR. Mountain Lion had actually sold my debt to another CA before I called, but when I reached out to them, they pulled it back. So, I have two questions.
The account is 6 years old. Will the settled in full status hurt my credit?
If so, should I dispute with TU and tell them that I paid the full amount listed on my CR?
Thank you all in advance.
You don't want the word "settled" anywhere on your reports. It is scored the same as a charge off. Try and do whatever you can to get that notation taken off. But this will not report all that much longer if that's any consolation. Collections and CO's can report for no longer than 7.5 years from the DoFD (Date of First Delinquency) on the OC account that led to the collection or CO. Do you know the DoFD on this?
It's due to fall of Septemeber 2013, according to TU. But that's a whole year of possible CC and loan denials. 
I had this happen to me when I applied for my first CC. All I did was verify that I was not 18, nor did I enter into a contract with anybody at the time the account was opened and it was deleted right away. I didn't dispute with the CA ( they just want money, they don't care about the details!), I sent that info directly to the CRAs and it was a done deal! Good luck!
Starting Score: 564 on 3/15/12
jmoney23 wrote
It's due to fall of Septemeber 2013, according to TU. But that's a whole year of possible CC and loan denials.
That's an easy one. Just don't apply for any new credit. It's not that hard to hold off. My youngest credit card just turned five. Let everything age until this has disappeared. You'll be in a much better position all the way around.
@MarineVietVet wrote:
jmoney23 wrote
It's due to fall of Septemeber 2013, according to TU. But that's a whole year of possible CC and loan denials.
That's an easy one. Just don't apply for any new credit. It's not that hard to hold off. My youngest credit card just turned five. Let everything age until this has disappeared. You'll be in a much better position all the way around.
Yeah, I won't app for CCs, but I do need a car. It's been very hard taking the bus, riding the bike and paying for a cab to work!
Sent a certified letter of explanation that someone fraudulently used my SSN to obtain credit; included copies of my birth certificate and drivers license verifying my age and waited...within about 6 weeks, got a letter stating the accounts were deleted. These were utility bills, but I don't think that should matter...under 18 you're still a minor!