Can Chase report my settlement as a collection?
Date: Thu, 08/13/2009 - 22:35
I settled with Chase before my account was charged off. I have a letter from them stating that my account will be reported as "settled for less than full balance." Today, I check my Truecredit.com report and it reads as follows:
Under Pay Status on Trans Union it reads: Collection/Chargeoff
Then under remarks it says:
Payment after charge off/collection
Settled - less than full balance
My account had not been charged off yet, so shouldn't it read as settled under Pay Status? My report yesterday stated Late 120 days and then today changed to Collection/Chargeoff under the Pay Status. This caused my score to tank over 50 points. Isn't the fact that it is not being reported as settled under the pay status what would cause my score to drop like this?
Do I have a valid dispute if the letter from Chase says my account will be reported as "Settled for less than full balance"?
Under Pay Status on Trans Union it reads: Collection/Chargeoff
Then under remarks it says:
Payment after charge off/collection
Settled - less than full balance
My account had not been charged off yet, so shouldn't it read as settled under Pay Status? My report yesterday stated Late 120 days and then today changed to Collection/Chargeoff under the Pay Status. This caused my score to tank over 50 points. Isn't the fact that it is not being reported as settled under the pay status what would cause my score to drop like this?
Do I have a valid dispute if the letter from Chase says my account will be reported as "Settled for less than full balance"?
chase
I dont believe so, because chase is still charging off the the rest of the balance. you can always file a dispute but if any amount is charged off they will report that even if you settle for less
