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!!
