Question About Credit Report and Debt Settlement

[AJ 15]

I settled with bank of XYZ on a Visa, a few weeks ago.

 

At Creditkarma, I can see two credit reports.  One of them states I still owe the old debt full balance of $10,000. The other credit report shows I paid $4000, and owe $6000. (these numbers are not real..they are my example, only) Neither report reflect that I settled the account in full.

 

I have two letters from the agency that settled my account. The first one is an offer to settle and the amount,  and the second one states the account is resolved and  is paid in full. The warning of getting a 1099C is also stated.

 

So my question is....why would one credit report show my payment, and state i still owe?  I am guessing the other credit report has not updated for the next reporting period, since it shows no activity.

 

Thank you.

[willingtocope 1,336]

Did you pay the OC directly?  Are the letters on OC letterhead?  If you paid the CA, the OC may not have authorized the settlement...

[AJ 15]

I paid the OC a cashier's check, with the OCs bank name on it, however, I mailed it to the collection agency.

I called the collection agency just now, and was told it takes 30 days to process everything.....reporting the settlement to the OC, and then the OC reporting it to the credit bureaus.

[AJ 15]

I called the OC. I was told it would take two months to report the zero balance. I was also told I would receive a letter stating account is paid in full.

[willingtocope 1,336]

30-45 days is reasonable. Wait and see what happens.

[AJ 15]

Thanks.