Collection problem- please help?

I was placed on collection by bank of america, and since then i can't open a bank account anywhere, because i am in chex systems. However i've been told by some banks if i show prof that i paid this debt off they will open an account for me with restrictions. My question is does that mean i can just pay off the negotiable amount that the collection agency is offering me, (it is less than the total amount owed), or do i have to pay the total amount?
thanks
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Take the settlement amount. Just make sure you get the agreement in writing before you pay the collection agnecy a penny. You might also ask the collection agency to remove the derogatory item from you credit report.
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The CHEXSystem is only used by financial institutions. You should request a copy of your consumer report.
It will list why you were placed on the CHEXSystem and to whom you owe the funds. I have provided a link in the source area for you to use to request your report.

If Bof A accepts the payment as paid in full, then you can open an account at any financial institution. Your report will show the funds were paid.


Chex Systems, Inc. is a consumer-reporting agency governed by the federal Fair Credit Reporting Act (FCRA) and other laws. The Federal Trade Commission enforces the FCRA.
Each report submitted to ChexSystems remains on their files for five years, unless the source of the information requests its removal or ChexSystems becomes obligated to remove it under applicable law.

Hope this helps answer your question.