I'm making payments to a debt buyer who recently purchased my debt from another office, and was told, they do not update credit reports, and will only send me a final letter after the debt has been paid in full, stating this is true.

Also, I was told, that the debt will continue to show on my report, under the old collectors name, and will only say paid in full.

Is it "not" legally required for the decreasing balance to be shown on the CR? It won't improve my credit, but it will at least provide proof of payments since this collector will not be sending monthly receipts as explained in my first message posted a few weeks ago.

Dispute it as wrong balance and see what happens. It would either be deleted because they don't update, or they will update the balance, or they will verify an inaccurate item as accurate, and you would have an FCRA violation.

they're a bunch of jerks

Follow what jlynn said. Dispute it and see what happens. It may even get deleted.

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The Answer is 42!!

If you have other debts, they're only protecting their income stream like Crap1 does by not reporting credit limits. In a backhanded way they may be doing you a favor.

If other creditors know you're paying this one, they'll come after you too.

If you want to cause 'em problems you might get in touch with the compliance departments at the CRAs and advise them that you have been told by this JDB that they have a policy of not updating credit reports.

Keep in mind that any victory you have in getting the payments reported may be pyrrhic ... IMHO, all settlements should be kept on as confidential a basis as possible until all creditors have been settled with ... and only when that has happened do you start cleaning up your reports. Meanwhile, you pay everyone you owe a quarter to a nickel in settlement and watch them count themselves lucky.

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"No one would have believed ... that this world was being watched keenly and closely by intelligences greater than Man's ... Yet across the gulf of space ... intellects vast and cool and unsympathetic ... regarded this earth with envious eyes, and slowly but surely drew their plans against us." - H.G. Wells, The War of The Worlds, describing how Martian JDBs think about Earthling debtors

Incorporate or form an LLC in Florida

Thanks Jlynn and flacorps, you both mentioned two points I had not thought about. I will dispute, just to see what happens. Hopefully, it'll be removed. Also, flacorp, that makes a lot of sense. I recently began making payments on an old student loan which is no longer eligible for deferment, and I've noticed the collectors have began contacting me again. Most likely, it's because they think my income has increased, which is definitely NOT the case. I'm simply making minimum payments. Oh well, if the money is truly going towards the debt, the lack of reporting may be a blessing. :)