Question: CC settlement on credit report

[Eag1983]

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!!

[tagteam]

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