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Settlement ???

Discussion in 'Credit Talk' started by $wealth$, Jul 9, 2002.

  1. Jul 9, 2002 #1
    $wealth$

    $wealth$ Well-Known Member

    If you settle an account, should the creditor report the balance as zero, or report the unpaid portion as a balance due?

    I recently settled an account and the creditor updated my credit report by reducing the balance owed. Is this correct?
     
  3. Jul 9, 2002 #2
    QUEEN_BEE

    QUEEN_BEE Well-Known Member

    If the account is settled for less than the amount owed, it should still report a zero balance.
     
  4. Jul 9, 2002 #3
    $wealth$

    $wealth$ Well-Known Member

    Thanks. I guess I need to dispute this with the credit bureau. Do you think it is a good idea to send a copy of my settlement letter along with my dispute?
     
  5. Jul 9, 2002 #4
    SCMomof5

    SCMomof5 Well-Known Member

    NO do not send the settlement letter. Never send anything that can be used against you later.
     
  6. Jul 9, 2002 #5
    $wealth$

    $wealth$ Well-Known Member

    Ok, so my approach should be just to dispute this account as a zero balance account.

    Do you think there is a way I may dispute this to have it deleted completely?
     
  7. Jul 9, 2002 #6
    gib

    gib Well-Known Member

    I would dispute the incorrect balance now, then wait a few months before trying to dispute it off.

    Gib
     
  8. Jul 9, 2002 #7
    LKH

    LKH Well-Known Member

    I completely disagree with this. If you dispute it now as incorrect balance, you are in effect, admitting it is your acct. I don't know if they keep records of disputes, but if they do, do you think if you dispute it now as incorrect balance, you can later deny it is yours? I doubt it. I would just dispute it as not mine. If that doesn't work, then you can dispute the balance later as a last resort.
     

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