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Returning Member

Capital One charge off settlement- confused!

I paid settlement for less than owed for a Capital One card that was closed/charged off.

i paid the settlement on 9/26/19.

The only update to my report as of 11/17/19 is that the balance was updated to a lower amount(the past due balance minus my settlement payment).


No other updates, such as the account is settled, and the past due balance is still showing as a very high number.


since I paid the settlement, I no longer have a past due balance, do I? Should it not be updated to $0?


i called Capital One about this and just wanted to discuss the above and the lady basically refused to answer my questions or help me understand.  She kept avoiding everything I tried to say, such as inquiring about updating my credit report, the balance showing, everything.


i recently applied for a mortgage and my lender wanted to do a rapid rescore, but can’t until Capital One verifies that the account has been satisfied and my balance is $0.  The lady I spoke to refused this, saying that since I did not pay in full, that I do not have a $0 balance. 


I thought the settlement satisfies the account account for less than owed, and I have the letter from the collection agency saying this. The collection agency works for Capital One, so I do not have any additional collection accounts on my credit report. Just the original creditor Capital One.


if I paid the settlement, I don’t owe Capital One anything further, do I? How can they refuse to update or verify the balance? I don’t see how Capital One can have an amount past due, still owed, on my credit report when I paid the settlement that was offered to me.


i don’t know if I am completely wrong in how this works or what, if anything, I can do to figure this out. The rapid rescore cannot be completed since Capital One will not provide the information regarding the account and balance. I’m just so confused and frustrated, and don’t know where to turn.  I just wanted clarity and the facts, and I was WAY more confused after the call.


I was a nurse for many years until I lost my job because of a very rare disorder. I tried my best to keep up with the credit card bill but just couldn’t after so long, it took years to be awarded disability.  

When I said to the lady that I was having a hard time understanding all this, she told me to “go talk to a credit counselor then”. Why would I need a credit counselor if I paid the settlement?

1 Reply
Level 15

Capital One charge off settlement- confused!

You should read the information at the following site.


Note that debt settlements will remain on your report for several years and there is not much you can do to ameliorate that situation beyond just waiting until they fall off (expire). If the amount is erroneous, you can file a dispute with the credit agencies.



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