Collections- making payments...

[Anonymous]

Hey guys, I have two collections that I would love to do something with, but not sure if I have any options.  I am currently paying both collections off using monthly payments, both were really big and I did work out a deal with them to pay a percentage of the amount, and payments are being made.  The accounts are American Express and an old Providian Account.  Both accounts do show that the balance due is lower each month, but neither account shows on it that I am paying just that they were charged off.  I am curious if anyone has had any luck getting them at least updated to show that it is being paid.  Is there anything that I can do while paying to have them removed? 

 I have 6 more payments on Amex and I am done with them, but due to not paying in full, will I have any hope of having it removed?

I still have 2 more years on Providian, just worked out a payment plan with them, but still thought I would ask about having anything done here.

I did have a lawyer work out both plans so they are legal and binding...  Curious if the fact that they are updaing the amount owed will cause my score to go lower?

Thanks!

[IOBA]

oh boy!

First, congratulations on finding a plan that works for all parties involved.     That has to feel good!

Most likely (but no guarantees) when you finish your payment plan, the CR will update to say something like, "Settled" with a zero balance.

Amex is hard to budge, as far as removing bad stuffs, but a few people have reported success.

My experience with Providian is ancient, so take it with a grain of salt and a glass of water.   They don't budge.  Period.  They aren't even concerned with accurate reporting.   BUT you do have the law on your side.   Once it's paid off (to the settlement terms), give them 30-60 days to update your CR to reflect a zero balance and a "settled".   They use to be terrible about updating the CR, so stuff kinda fell off early...

If they don't, start fighting, if it's worth it to you.