Hi all, Back on the board because of a problem I really need help with/absolute expert advice. My husband recently settled with a collection agency for a 50 percent discount as "paid in full" because a department store credit card that he had charged off back in 2001. I checked his credit report a week ago and it it reads that half was paid but that we still are "late" and "owe" the rest. Can the creditor do this? Can a collection agency say that they will settle at a discount only to get you to pay anything knowing full well that the creditor (Which they claimed had their permission) would considier it a partial payment. With the credit report reading as it does, the creditor could simply get another collection agency after us again. I hope my husband has not thrown out the documentaion letters stating the conditions of settlement. Failiing that should we ask the collection agency for a letter confirming the settlement stating that it was agreed that 50% payment was full payment? I already put it in dispute with Experian and it came back verifyed? Frustrated!!! Thanks Diane
CA's are notorious for stretching the truth... It certainly can't hurt to dispute it, but print out a copy of you CR (if you haven't already) so that you have a record of the dates in case the CA or OC tries to re-age. HTH
I had the same thing happen. You have to remember most people only check there report once a year. Not every week or day like us. So the report may say something one month then be different the next. I settled for half. Then i saw it said i paid half, and showed a balance still owed. the next month it was showing 0. paid in full.
That is a good point but why would they say "remains" after the dispute. Seems like they would correct the "mistake" then. I am thinking of writing or calling the collection agency and not mentioning that there is a problem with the OC and just ask for a confirmation letter very "nicely" if I cannot find that original letter.
