Expert: Ontrack Financial Group llc - 8/13/2009

Question
In 2006 I had an account that was past due.I rec'd a letter from a collecton agency(Commercial Collectors of America)stating they would settle this account for 50% ($1300) of the balance ($2946.67).
The letter stated,"If this amount is paid ,your account will be considered settled in full with a zero balance".
I conacted their office & the gentleman was not in.He emailed me later & I ask for verification that it would be reported as "Paid In Full".He emailed me "Vern,Again ,Yes!If this payment is rec'd by the due date ,Ladco has agreed to accept $1300 as :Settlement in Full and Fully Satisfied".We are the Legal Assignee for Ladco Leasing and have been authorized to settle their accounts.
When I checked my latest credit report it states under Status: Paid in Settlement/Account charged off.$1568.00 written off.
At the bottem is a Creditor's statement: Account legally paid in full for less than full balance.
This was no what we agreed to.I have disputed this with Experian on 8/11 09.Today the responded that the debt was verified with no change.I ask how they could verify it in 2 days & they said it is all automated.I then ask for copies of the oinfo used to verify the debt& Experian told me I had to contact Ladco.
An help on my rights on this would be Greatly Appreciated!!

Answer
Dear Vern,

Thank you for your question.

There is nothing wrong with the reporting, since it discloses "Account legally paid in full for less than full balance". If you want this removed from your credit profile contact the reporting company and offer to pay for deletion.

Warm Regards,