AJ 15 Posted March 27, 2015 Report Share Posted March 27, 2015 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. Quote Link to post Share on other sites
willingtocope 1,336 Posted March 27, 2015 Report Share Posted March 27, 2015 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... Quote Link to post Share on other sites
AJ 15 Posted March 27, 2015 Author Report Share Posted March 27, 2015 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. Quote Link to post Share on other sites
AJ 15 Posted March 27, 2015 Author Report Share Posted March 27, 2015 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. Quote Link to post Share on other sites
willingtocope 1,336 Posted March 27, 2015 Report Share Posted March 27, 2015 30-45 days is reasonable. Wait and see what happens. Quote Link to post Share on other sites
AJ 15 Posted March 27, 2015 Author Report Share Posted March 27, 2015 Thanks. Quote Link to post Share on other sites