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Question: CC settlement on credit report

Hi everyone,


i have a charged off account account with capital one.


on September 25, I agreed to a settlement with Firstsource advantage for that account. I paid the agreed settlement amount.  I was told that this would settle the account for less than owed, and the balance on my credit report would be updated as well as a notation regarding the account being settled for less than owed.



i got a notification today about a change to my credit report.

when I checked, the capital one account had changed the balance, but they subtracted the settlement amount from my past due balance, which left a new amount in the “past due balance” section.  But the updated balance is just my old balance minus my settlement payment. It still says I owe a large amount on this account.


There was nothing else changed on the credit report, no statement regarding the account being settled.


can someone help me understand this?  Thanks!!

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Level 15

Question: CC settlement on credit report

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