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what negative impact a settlement could do to your report?  

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Hello All!! i just pulled my equifax report & have some questions. 1) I have citibank credit card that i paid off in 3-02 actually it was settled but equifax doesn't say that. The only derog is feb 02 for 60 days. acct opened in 1995 btw. should i dispute this & hope they don't find out it was settled??? Settlements stay in report for 7 yrs? How long will a derog late payment? I have afew settled accounts already. I wish i had known at that time what a negative impact a settlement could do. thanks for your time. Rach
 

asked Feb 20, 2006 12:05 PM

Rachas
Best Answer
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best answer


Quote:

Originally Posted by Rach
when does the 7 yr start? first late payment or last?


It should be counted from the date of first late payment; however, it would be better if you verify it with credit bureaus. Keep us posted on this.


Quote:
Originally Posted by Shirley
The date of last activity WAS 11/2002. NOW they've changed it to 03/2003.


This is not right. Date of last activity can be changed if and only if some activity is seen in your account. Placing dispute, asking for validation or selling an account to collection do not restart the clock.

I know you've been trying hard to settle these accounts. It's really very strange that they verified the account with bureaus but did not send you validation. I cannot think out any reason of this behavior.

You should dispute it with credit bureaus. Explain all the facts to EQ. also mention that you asked for validation, but they did not respond to you. Attach copies of your correspondence so that bureau can verify your claim. Let's hope for the best.

answered Feb 20, 2006 02:27 PM

33 Answers

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Rach,

What else EQ is saying about this account? Is it reported as closed or zero balance or anything else.

Settlement might hurt your score, but it is far better than default! Settlement reflects your willingness in paying your bills and that is definitely a good sign. However, if you could make it ‘paid' or ‘paid as agreed' your report would have a better look.

Any derogatory mark stays in your report for 7 years. Since both the negatives took place in Feb '02 and Mar '02, it will not make much difference for you. Both will go off together.

answered Feb 20, 2006 12:26 PM

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reported as zero balance closed by credit grantor no close date.

answered Feb 20, 2006 12:51 PM

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when does the 7 yr start? first late payment or last? Thanks Rach

answered Feb 20, 2006 12:57 PM

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Closed by creditor and settled both are considered as negative. If you dispute the entry, bureau might update it as settled, so it will not bring much benefit to you.

IMO, contact with your creditor and ask them to report your account as either zero balance closed by consumer or paid.

answered Feb 20, 2006 01:25 PM

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icon_cry.gif Just checked my recent Equifax credit report and all of the dell accounts have been updated. The date of last activity WAS 11/2002. NOW they've changed it to 03/2003. How could this happen? and why? I guess in all of disputes, I maybe made this worse--and wonder if I should have left well enough alone. I think its time now to ask Credit bureaus why creditors validated to them but will not to me. And try going at it from that angel. I am also going to write Dell again...for purposes of paper trails and see what they tell me this time!

TransUnion shows these accounts (3 of the 4) as '0' balance and 'payment after charge off'. I take it that they've been sold. should I point this out to equifax and experian? thanks, shirley

answered Feb 20, 2006 01:48 PM

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Wait a minute Shirley, can they do that??? I thought they couldn't do that. That doesn't seem right at all. icon_cry.gif

~Mary

answered Feb 20, 2006 01:52 PM

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Thanks all for the posts. i was hoping this subject would get others to post questions about thier reports. Keep it up!! AS i posted above my EQ stated closed by grantor. My TU states "acount closed by consumer>maximum deliquency of 60 days Nov 02! Now what? Its the same account.

answered Feb 20, 2006 02:44 PM

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Account closed by consumer should be your choice always. It's good that TU report is good with this account. Lots of instances are there in this forum and other places regarding dissimilarity of credit reports. It's a very common problem you know.

After knowing about TU report, I would go with sending dispute letter to EQ and attach copy of TU report too. It will make your claim stronger. If EQ update depending upon your TU report, you win the game. But if they run an investigation, the ball will be in your creditor's court and it's their choice how they would define the account.

Let's see what other members suggest you.

answered Feb 20, 2006 02:59 PM

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Yes I have a account with MBNA America is back in 1999 not I was late on payments with it understand that part but on my report it list the account as settled under present status but in the comment line it says for TU & XP Election of remedy-reported by subscriber: check credit or line of credit: account paid in full. And EF says settled- comment settlement accepted on this account: line of credit. Now I paid this bill in full and it never went to any collection agencies and I dealt with MBNA so what does all this mean shouldn't it say Paid in Full in status column not settled icon_question.gif
And how do you figure out how long on CR here is an example of one on mine Fingerhut Last report date 11/01 date opened 11/00 & 04/01 late dates 7/01-60,8/01-90,9/01-120,10/01-150+ so what date would I go by to when this thing would come off my CR icon_question.gif Also this account is listed 4 times on my CR 1 with fingerhut as name and 3 different others with collection agencies all claiming I owe this account to them. So mind boggling icon_rolleyes.gif . appreciate any input always welcomed. Pcbusdriver362000 (Paula)

answered Feb 21, 2006 09:40 AM

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