Making negotiations with Collection Agency.....

I am not very knowledgable when it comes to the credit repair but I want to give you the advice I learned from others. Sometimes, you will like to send pay to delete (in exchange for the payment, they will remove the negative tradeline from your credit report and update as good standing) letters to the creditors and see if they will update your credit reports to your benefit? It works for some so it is worth a shot.

You must have the settlement offers in writing from the companies. These written documents are your important proof of the accounts getting paid off. If you have nothing documented, some other company will attempt collection for the same debt. They might put into some confusion.

Paying off the accounts will surely improve your credit profile. The credit scores will rise and you will have better financial worthiness. A charged off account will be shown as 'paid charged off' in your credit file.

The creditors update your account info with the bureaus within 30 days after you have paid them. Pull your updated credit file so that the future lenders get the accurate picture of your credit history.

Thank you both, I appreciate the information.

Sounds like you already have somehting in writting if you recieved a 35% settlement leter.

If a collection agency owens the debt they have the alternative of reporting paid in full or settled in full. An R9 will not be coming off your report unless the original creditor decided to remove it. I suggest contacting them to find out.

30 days after paying anyhting always call back and get a zero balance letter. This will state that the debt has been paid or settled in full. Keep these letters for your records for the next 7-10 years.

Also, Citi Bank reports every 90 days not 30. If you want it to update faster you will need to mail in a copy or fax in the zero balance letter.

I paid an original creditor by check using their account number. Although the original creditor deposited the check into their bank account, the collection agency is reporting this account to the credit bureau using their (Collection Agency) account number indicating that I paid them. It this legal.

Louise,

I deleted my original response since I misread your question.

I am not sure how to answer your question. I am curious to see what others may have to say.

Louise

In my opinion, a CA will report to the bureaus if they have your file from the original creditor. But if you are paying directly to the creditor, they are responsible for making the updates with the bureaus, not the CA. You need to talk to the original creditor and request them to pull your file from the CA. This can be done because the creditor is accepting the payments from you.