collection agency help?

Question

Is it right that the collection agency says that they will not report payments on your account to the company owed until the balance is paid in full?

Answer 1

They are not a credit company. They are a collection company, and their only report is that the account is either "in collection" or "paid". If the account was being "paid as agreed" with the credit company, it wouldn't be in collections in the first place. It's in collection, so reporting payments isn't going to help you.

Answer 2

The collection agency is required to report what they current balance owed is. So therefore they need to report every time you make a payment.

But remember....at this point your account is not being listed as a loan, but as a debt in collections. It will not show monthly payments, or change anything else on your report. Only the balance due will change.

Answer 3

Do you know who the original creditor is? If so, I would send the original money order/bank check to the collection agency. Send it certified, return receipt requested, so you have proof of when you sent it, who signed for it and when.
Then I would make a copy of the MO/BC and a copy of the return receipt request card and send it to the original creditor.
But before I paid anything, did you verify the debt? Get any payment arrangements in writing? and most importantly. once the bill is paid, when and who will report it on your credit report as being paid in full?

Answer 4

Yes...When your account was in good standing and you were making regular monthly payments, those payments were being reflected on your credit report.

When you stop paying for a certain period of time the ENTIRE unpaid balance become DUE and PAYABLE every day it is not paid in full.

The collection company has the right to not report "payments" because the ENTIRE unpaid balance is still due and payable every day it is not paid in full.

Reporting any payment would be misleading because...the
ENTIRE unpaid balance is due and payable every day it is not paid in full.

Answer 5

i used to work for a collecton agency and im not sure if its right but i think it is because they are not teh original lendor, their job is to collect the debt in full not report payments to the credit bureau

Answer 6

Sure they can there job is to get your money that you owe they dont care if you pay ten here and 5 here its there job to get the full amount, it sucks, but that is how it is.

Answer 7

It is their rule, nothing you can do about it, except pay your bill.