Unless you have a dismissal with the court's file-stamp on it, I suggest that you attend the conference.
The creditor is responsible for informing the credit bureaus that this debt has been settled.
Usually, unless you negotiated for and received an agreement that credit reporting would be changed, the charge off will stay on your credit report. The balance due should be changed to $0.00, and the account should be noted as "settled in full."
You should not need to tell the bank that the account is settled. The attorney on the other side should be in touch with the bank.
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I would advise attending the CMC unless you receive confirmation in writing from the creditor that the case has in fact been dismissed. If you do not receive it before the CMC both parties can notify the court at that time that the case has settled. The creditor will report the settlement to the credit bureau agencies and it should be reflected on your report in about 60 days after it is finalized. It would still show as a charge off on your report but it would indicate that it was paid pursuant to the settlement and it will show a zero balance. I don't believe you need to contact the bank unless they are continuing to try to collect from you. Hope this helps.
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Attend the conference until you have the dismissal in writing. They should report to the Bureaus within 60 days or so. I'd advise checking your credit report in 3-4 months and making sure, then disputing any inaccuracies after that.
You can check the status of your case on the Contra Costa case information site here:
If it is not dismissed by the date of the hearing you can attend the CMC. You can also ask the plaintiff's attorney to "specially appear" for you, if all he or she plans to do is tell the court that it is being dismissed.
Do you have a signed, written agreement with the plaintiff? Does the agreement include how the account will be reported to the credit bureaus? Any sort of indemnification is another collection agency comes after you for the same account? Does the agreement deal with the issuance of an IRS Form 1099-C?