Yes, they have a statutory requirement to timely update their reporting so as to maintain its accuracy. It is common to ignore continued update of balance, but they do have a requirement to do so.
They may also choose to reduce your CL as the debt is paid down, thus reducing their future risk.
If they reduce CL, then you may not see a reduction in % util even though the balance is reduced.
You also might ask for their agreement not to refer the account for collection as long as you continue to make timely payments on whatever plan you negotiate.
