Chase settlement agreement
Date: Fri, 04/16/2010 - 09:33
I have a Chase credit card where I owe about $14,000. I am more than 3 months behind, and Chase has offered to settle the account for $4300. They sent a letter with all the terms of the settlement agreement. They are requesting I pay the $4300 in 4 payments. Everything looks good, except that nowhere in the letter does it specify how the account will reported to the credit bureaus. I've called several times and asked them to include some language (i.e.: account paid in full, with a remaining balance of 0.00), but they refused. They've verbally agreed to report the account as "settled", but cannot include this in the letter??. Should I accept this offer???
Chase can't report the account to the credit bureaus until it is
Chase can't report the account to the credit bureaus until it is. You can always ask for a letter from Chase confirming the debt has been paid in full once they've gotten your last payment. In fact, I would be surprised if they didn't send you one on their own. Chase will report the fact that the debt has been discharged to the credit bureaus, they've got their reputation with the BBB and the FTC to maintain.
