I have an account that I settled in mid 2000. I have a letter from the OC stating that once payment is received they would remove this account from my credit report. Well, they never did and right now it states "Account legally paid in full for less than full balance". This was for the difference the insurance would pay and what was owed on the car. In other words, we were upside down in the vehicle. The company was great in that they offered the settlement to us. Does that have a negative impact on my credit report? I think I can get them to remove it however I do not want to remove a good item. I have the original settlement letter, a copy of the cashiers check that I paid with, a FedEX receipt with signature that indicates payment was delivered during the specified time in the agreement. Thanks in advance, Jlg
anything other than "paid in full" is considered negative and hurts your score. if you have it in writing that they will remove the negative item, you should be able to send that to the CRA and have them delete it. that's what i think. i'm sure one of the more experienced folks will come along.
Old Settlement Account -- update Well, I called and threatened to sue them if they did not change it. They offered to change the status to "Paid/Never late". Of course, I agreed. They "said" they would be sending a letter indicating the update and that my reports will be updated within 5 days.
Old Settlement Account -- update Although you have an agreement in writing for the original removal, when you reach a new agreement, insist that they send that in writing also. If they fail to follow thru, you will need to fall back on your original written agreement.
