they are removing their entire listing from my CR. I also requested that my original creditor report the account as Paid as Agreed" or "Account Closed - Paid as Agreed." She said that by law they have to report my late account as "Paid as Agreed" or "Account Closed - Paid as Agreed." She also said that the original creditor listing on CR will no longer be negative when I pay the full balance. Is it true? What else would the original creditor leave on my CR if I paid in full when it's been in collection? Forgot to add that I'm in Wisconsin
There is no "law" - they can report anything they wish, they just don't want to report it that way No "Account was charged off -sold" Was 30, 60 90 late, etc
Account will be reported as "paid charge off" FYI: That is still consider negative but looks better on your part.
Thanks for all the reply. I haven't paid the balance yet as I am still waiting for her letter stating that she will remove the CA listing from my CR. Now is it my "job" to call my original creditor to change my credit rating before the balance is paid off or is it more suitable for the CA to make that request? If the CA doesn't want to cooperator and talk to the original creditor, can I threaten to contact the orginal creditor myself and make them pull this out of collection in return for paying the full balance and fixing my CR? Which is the most effective step to take? Thanks for all the help, I'm new at this and learning as I go, thanks again!
Your agreement should spelled out that it is payment in full and that there are to be no future claims on this account. The CA needs to remove their TL AND agree to never reinsert it Don't pay anything until you have the letter. Don't believe them if they make promises over the phone...very simple - if they want to get paid, then they send the letter with the terms as agreed If the CA bought the debt they have no control over what the OC reports...they are 2 different TL's. The OC can continue to report the account history for 7 years from date of first delinquency, however their balance should read sold / transferred to another company. This is 2 separate matters if the CA bought the debt. They are under no obligation to the OC. If the CA was just assigned the debt then you could include in the terms that the OC entry be changed to something like "account closed - paid as agreed" with no derogatory entries
