Dealing with collection agency?

[jasontoth76]

I have a credit card that went into collections. I contacted the credit card company and they said I have to deal with the collection agency (River Walk) who bought the account. The credit card company said that the collection agency would notify them when it is paid.

1. How do I get the collection agency to report to the original creditor that the account is paid in full if I settle for less than what is owed?

2. How get the original creditor to update my credit report as paid in full or just paid?

3. How do I verify that the collection agency informed the original creditor that it was paid in full?

4. The collection agency is not on my credit report, should I even deal with them, or not pay it at all?

Thank you for your help.

Jason

[Credit Expert]

Good questions!


1. Usually the collection agency will not report paid in full unless it is paid in full. You can try to get them to remove the item from your credit reports by stating the delinquency was an oversight or not your fault. This is the only way a collection agency can legally remove the negative info.

2. Once you pay the debt to a collection agency, the original creditor has no say in the reporting. At that point it should be charged off or shown as sold to another lender with no balance. If this is not the case, you can submit the paid letter to the creditor or credit bureau and demand that it get reported as paid or settled whatever the case may be.

3. Check with the original creditor or your credit report.

4. If the collection agency hasnt reported anything, there is no sense paying it off. They may however come along and report the account if you dont pay.


Hope the info helped.


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