Debt Settlement quick question about lawfirm

Which collection agency is reporting in your credit report? If the CA is authorized for the collections, the negative remark does not get removed before the seven years reporting time. If you have done the payments, check whether the money has been posted towards your account. The creditor will also update your file with the bureaus.

The collection agency must have your legitimate info about the debt account before they can hit in your credit file. If it is done without legitimate purpose, you have the legal rights to dispute the item with the company.

Hi, the collection agency is actually a law firm. I've just settled the debt and make a lump sum payment by check over the phone. I asked them to remove negative information on my credit report but she said she can't because they're just a law firm that collect debts for their client. Later on, after I made the payment (check by phone), I asked her again and she said that what she could do is that after my check is clear, she would fax me a letter stating that my account is already paid in full so I can contact credit bureaus to ask them to update my file. I thought that all the CA's as well the collection law firm (they're just like CA's, right?) have "power" or access to add or remove things on your credit report?

Hi,

The collection agencies and law firm are bound to follow the same laws put in the fdcpa. But unfortunately, the negative information cannot be removed from the credit report if it is a legitimate one. The CA and/or the creditor must update your account with the bureaus. You should not be asked to contact the bureaus and get the records updated. You are required to contact the bureaus only if you find the item to be disputed in your file. The initial reporting must be done by the concerned companies first.

So what if they don't update my record that it was already paid in full? Are they obligated to do that? Why is it that hard for them to just update my account with "paid in full" words to my account, right? I think it'll take longer for them to prepare a letter stating that my account is already paid in full than just a few key strokes to my record, right? Do you think that they're just lazy? Anyway, it's too late, I already made the settlement payment and on the settlement agreement letter that they faxed to me, no where on that that they mentioned about updating my credit file. Good thing is that that lady told me she would fax that letter to me within 2 weeks. So in case if I need to update my credit record myself, I have that letter in my hand so I could do that myself. Now, I can only hope that that lady will keep her words because even if she doesn't, there's nothing I can do about it, right? Just hope that they're human beings too and that they won't trick other people and play on us.

These answers are not entirely accurate guys. A collection agency with the permission of the owner or original creditor has the right to delete an account if they choose to do so whether it's been paid off or not. They have the option to update your account in anyway that's accurate as well. However, if there are any inaccuacies on your report, those can be challenged by disputing them (but always do it certified mail). If something is found to be inaccurate within an account, it has to be deleted completely or updated appropriately according to FDCPA LAWS. THE 7 yr rule is NOT calculated by the date you paid the account off...it is ONLY calculated by the date the account became delinquent with the original creditor (+180 days). Collection agencies like to trick people on their credit reports by reporting the date opened as the "7 year date" to go by, but that is illegal. By law, they have to put the true original delinquency date and if it's not, you have grounds to have it removed if disputed. If they don't, you can sue the agency.
So, don't always listen to what people post in chat rooms. Look up the FCRA and FDCPA laws for yourself and you'll find a lot more!

good info,but this isn't a chat room smedley.