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CRAs, Settled/Satisfied


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Hello All,

 

Why do CRAs use terms like.

 

a) Satisfied

 

b) Settled

 

What is the difference?

 

All information/advice will as usual be gratefully received.

 

"EXEMPLO DUCEMUS"

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Settled = a loan/card etc being paid up as per the Ts & Cs of the agreement.

Satisfied = account has been paid off usually when a default has been placed

and the account has been paid to remedy (satisfy) the default.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

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Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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BRIGADIER2JCS,

 

Thank you for your swift reply.

 

When an account is showing as Satisfied, should the default then be struck from the CRAs report??

 

"EXEMPLO DUCEMUS"

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BRIGADIER2JCS,

 

Thank you for your swift reply.

No the correct procedure is for the entry to remain on file for the entry to stay on file for the balance of the six year period.

 

You can however make a plea to the creditor/DCA to remove the entry as a gesture of good will to remove the entry, there is no guarantee they will do so.

 

Hope this is of use.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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