I have a charged off account with Bank of the West that was sold to NCO Financial Systems. I owed about $700. Well, last week they kept calling me and were threataning a law suit. I didn't believe them a bit about the law suit, but I did just want to get this debt taken care of. So I settled with them for $400 and they said they would mark it as paid on my credit report. I think I may have jumped the gun. I'm scared now that they're actuall going to mark it as paid but not in full on my credit. The other question is, the debt was charged off in 2000. Will they start the 7 years over again now that I just settled? Please help me! Thanks!
You did jump the gun. The 7 year clock is not supposed to restart. Keep an eye on it just incase. If they don't report it the way you want you can then dispute it with the CRA. Lots of times if the CA gets paid they don't bother to respond to the CRA.
