C.C. acct. settled but listed twice?
Date: Thu, 12/06/2007 - 21:08
I had a chase acct that I settled through a collection agency. The collection agency lists the acct. on my credit report and so does Chase.
Chase lists it as "Charged off as bad debt
Purchased by another lender"
The collection agency lists it as "Payment after charge off/collection
Settled - less than full balance."
It seems like my 1 acct. is causing 2 negatives. Is this what happens in this situation and I live with it, or is this against the "rules"
Also, Unifund, the collection agency is listed in the installment acct. section of my credit report, not collections. Is this good or bad?
Thanks,
Steve
Chase lists it as "Charged off as bad debt
Purchased by another lender"
The collection agency lists it as "Payment after charge off/collection
Settled - less than full balance."
It seems like my 1 acct. is causing 2 negatives. Is this what happens in this situation and I live with it, or is this against the "rules"
Also, Unifund, the collection agency is listed in the installment acct. section of my credit report, not collections. Is this good or bad?
Thanks,
Steve
Two listings
In my business I see this all the time, it is typical for the original creditor to report the charge off and the collection agency to report the settement. It will hurt your credit for the time being, but not paying it would have hurt more. I tell many people to go to a bank and open a savings account, when you have about $1,000 in there, borrow against the savings account for a 12 month period, this will help establish new credit and help your score - a bank won't deny you a loan against your own savings because they are secured. Don't pay off the loan early because it will not help reestablish good credit; you need 12 months of consistent payments.
