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Reload this Page listing account as "paid as agreed"

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Old 03-29-2005, 02:17 PM
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Join Date: Mar 2005
Posts: 7

Illegal to list account as "paid as agreed" ??!

What is the name of your state? NC
I am trying to negotiate a settlement with a finance company. They took my car and now I have $4300 roughly that I still owe after they sold it. I agreed to pay 55% of it if they would mark my credit report as "paid as agreed". The lawyer representing the finance company said, "Thats against the law. It will be marked "paid in full". I told them they're not getting the money then, and if they reported one thing they can change it. Does anyone know if its against the law for them to change my credit report to "paid as agreed"?
Last edited by samantha44; 03-29-2005 at 03:01 PM.
  #2  
Old 03-29-2005, 04:07 PM
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Join Date: Nov 2003
Location: South Carolina
Posts: 931
Most will not do that. You would be better off trying to do a pay for delete. They may work with that. Basically, you pay what you owe, and the tradeline disappears.

It is not against the law though. However, they do have an obligation to report honestly and may see reporting "paid as agreed" as not reporting honestly. However, a creditor never *has* to report.
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