Collection Accounts

[Styles27]

Hi guys and gals,

I had an account that went into collections. I paid the company and resolved the debt. They then emailed the collectiond company stated I am in good standing and I don't owe anything. Does the collection company report that or do I need to contact the 3 bureaus.

I also have an old credit card on my report that has a negative balance affecting my credit. When I contacted the bank associated withe card they told me they went out of business and the company who took over went out of business and went bankrupt. They said they would contact the 3 bureaus. When a company goes out of business do they have to remove the account?

Any help would be greatly appreciated.

Thank you Kyle

[RobertEG]

The creditor is required to notidy their debt collector that the debt has been paid, which teminates their collection authority.

The debt collector is then required to update their reporting to show that their collection is closed, and the collection balance is $0.

The debt collector is not required to delete their reported collection.

As for a company that goes out of business, their assets and liabilities are passed on to their heir.

Priro reporting under their name/ownership can remain, with any isues such as disputes being addressed to the heir in title.