Paying CA adjust original creditor on report?

[lmcviking]

I have an account that has gone to a collection agency. The collection is not listed on my credit report and the original account is listed as charged-off on my report. I am now able to pay off my debts and I plan on settling with the agency. If I paid the CA  is the original account updated to show paid or settled or will it stay the same? Could I request that as a part of my settlement that the original account be updated?

[gdale6]

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@lmcviking wrote:

I have an account that has gone to a collection agency. The collection is not listed on my credit report and the original account is listed as charged-off on my report. I am now able to pay off my debts and I plan on settling with the agency.

If I paid the CA  is the original account updated to show paid or settled or will it stay the same? It should update to Paid was CO unless they have already sold the debt to a CA or JDB in which case it should be reporting a 0 balance.

Could I request that as a part of my settlement that the original account be updated? I would not make such a request as when it does update its going to drop your score if it hasn't updated in awhile.

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If this account is past your states SOL the CA could very well be a CA/JDB who purchased the debt for pennies on the dollar, I would not PIF and instead negotiate for a much lower payoff amount. Good luck

[guiness56]

Is the OC showing a balance or does it say sold?

[lmcviking]

There is a balance reported of $454 on my credit report from the original creditor which of course is the same amount as the collection agency.

[guiness56]

If there is a balance, the OC still owns the debt.  The CA is obligated to let the OC know you paid the account and the OC will report that to the CRAs.

[AndySoCal]

Have you talked with the original creditor about this account?

[randyrhodes]

You can ask the Oc to pull the account out of collections in exchange for PIF. That way the CA will get removed off your report and toy can try pfd with OC. Thus killing two birds with one stone. Best of luck!