How MUST a creditor report a settlement?
Date: Fri, 04/10/2009 - 04:21
Is there anything in the law that specifies how a creditor must report an account that was charged off but is now settled?
I'm fighting with Target National Bank to report my account as settled and with a zero balance. They are just reporting it as charged off with a balance of $475 (difference between what I settled for and the original balance).
I've disputed it with the credit bureaus but nothing changed. Now I've sent a letter to TNB telling them it should be reporting as settled with zero balance. But I'm not really sure if they are REQUIRED to do so under the law.
Anyone know what the legal requirements are for reporting a settled account?
I'm fighting with Target National Bank to report my account as settled and with a zero balance. They are just reporting it as charged off with a balance of $475 (difference between what I settled for and the original balance).
I've disputed it with the credit bureaus but nothing changed. Now I've sent a letter to TNB telling them it should be reporting as settled with zero balance. But I'm not really sure if they are REQUIRED to do so under the law.
Anyone know what the legal requirements are for reporting a settled account?
Under Federal law, their tradeline must be complete and accurate
Under Federal law, their tradeline must be complete and accurate. Was your settlemment agreement in writing? Was reporting agreed too as well?
