What to do???

Question

I owe 4,000 to a medical collection acct and they sent me a letter to sign agreeing on 100.00 a month. I signed it and made a copy. Then I sent it back. They have it listed as derogatory on my credit report. They are not willing to change it unless I pay the full amount within 2 days. Should I dispute that with the bureaus and send them a copy of the signed agreement and a copy of the check. Will that get it changed to pays as agreed. Please Help..... Thanks

Answer 1

The only way you will see "pays as agreed" on a credit report is if the account is open and current. You will not see that on a collection because it's a collection. You obviously didn't pay as agreed. It will still show up as a derogatory trade line on your report because, again, it's a collection.
Collection agencies will do anything to try and get you to pay faster or more than the agreed upon amount. Just keep paying your $100 as you said you would. Once you are finished paying, request a letter stating that the balance has been paid. After that, the collection agency MIGHT report that to the credit bureau(s) if they're feeling nice. Most of the time, you have to report that yourself. Only then will the status change.
Good luck!

Answer 2

Talk to a lawyer.
If you signed an agreement to pay it back, they MAY have violated the Fair Credit Reporting Act. Then again, it may be legit to list a debt that is in repayment. I don't know.

But a credit/bankruptcy lawyer would.

Also, talk with your lawyer about the Fair Debt Collection Act - the request to remove the listing in exchange for payment in full MAY violate the collection act (then, again, it might not).

Answer 3

I hope u made a copy of the letter, so u can show them and then dispute it..