debt settlement credit report question
Date: Fri, 11/19/2010 - 12:37
For those who have settled credit cards before charge off: My question is does your credit report ultimately reflect a charge off even if you settled before charge off?
I have settled three credit cards before charge off. At this point, two of the credit cards do not reflect a charge off on my credit report. However, the third credit card reflects a charge off even though my account was settled before charge off.
The credit card company that indicates the charge off on my credit report told me that even if you settle before charge off, the amount that is written off gets reported as a charge off on your credit report. They said there is nothing they can do about that. For those who have settled before charge off is this correct or should I look into this further and fight the reporting on my credit report?
Thanks in advance for your time and any insight you may have.
I have settled three credit cards before charge off. At this point, two of the credit cards do not reflect a charge off on my credit report. However, the third credit card reflects a charge off even though my account was settled before charge off.
The credit card company that indicates the charge off on my credit report told me that even if you settle before charge off, the amount that is written off gets reported as a charge off on your credit report. They said there is nothing they can do about that. For those who have settled before charge off is this correct or should I look into this further and fight the reporting on my credit report?
Thanks in advance for your time and any insight you may have.
You understand it correctly, as you have stated. It will contin
You understand it correctly, as you have stated. It will continue to show as co (chargeoff). If you settle, it becomes a chargeoff to the bank...regardless of whether it "charges off".
They should use different terms because they can relate to different events.
