Please help, I'm confused about my settlement with Chase.
Date: Fri, 08/14/2009 - 00:37
I last paid my account on 1/1/2009, next bill due 2/1 and I was unable to pay. In July, my dad loaned me money to settle the account in a lump sum payment. I paid the agreed upon amount on 7/20, which I figure was 169 days after the Feb. 1st due date that started my delinquency. Chase agreed in writing to report my account as "settled". Tonight, I am checking my credit reports and they say charge-off. However, under remarks they say settled for less than full amount. The balance shows as $0. Is this the way it should show if I settled & paid before 180 days? I am so upset because I thought that it would report as settled under the status with no mention of charge off. I guess I don't understand how it should be reporting if I settled before they charged off. I understand that they did technically charge off the remaining bal. after settlement, but I thought my credit reports wouldn't reflect anything about charge off.
Do I have any recourse to get this changed or is it reported correctly?
Do I have any recourse to get this changed or is it reported correctly?
you can file a investigation via equifax
you can file a dispute via the reporting agencies...but I think you are correct, they charged it off but still collected on it, but I believe they are reporting it correctly.....
but if you dispute it with them, it would be up to them to change the charge off status. a settlement is for less than the amount due so they would charge off the rest is another way of looking at it.
flip side is its gone and you can work on improving the credit score if that negative mark is valid.
