Hi all - quick question... If I receive a receipt letter from the CA (who I had to deal with per the credit card company - they are their in house collections) stating "settled in full" do I need to be concerned that sometime down the road, the remaining balance, will come back to haunt me? Or can I rest easy that this is over and done with? Thanks.
That should suffice. Ensure that your credit report reflects full payment. However, since people and companies make mistakes, and companies get bought and sold, losing track of their records, keep a copy of that letter, along with a copy of your payment check or money order. Also keep at least your final CC statement. You might end up with a 1099 to report any forgiven amount to the IRS, particularly if that amount is over $600.
I was scanning through my credit report and saw this, it only appears on 1 report: Inquiry: Date Company requesting your credit record 10/19/2005 XXXXXXXXXXXXXXX/CC - I x'd out the name Date of Last Activity October, 2004 Description Charged off account Account closed by credit grantor They charged it off in 10/04 and a payment plan was set up with their in-house collections. They closed the account at that time. Are they allowed to still pull my report, or is this now bargaining power to have it the charge off completely removed? And, now that I have the letter stating that we are settled in full, if I dispute, they cannot legally pull again, without piling on another violation, correct?
If your account is now settled, no amount is due, and no account is open, they should no longer have permissible purpose to pull your credit reports.
