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Collection Not on Credit Report. Help please

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evsports7
Contributor

Collection Not on Credit Report. Help please

Hello all,

 

As always thank you for the wealth of knowledge. 

 

Here is my situation. I went to Kmart and leased a $800.00 TV from there leasing program WhyNotLeaseIt. Longs story short I have not made payments on it for about 11 months now (this was when I didn't care about my credit/payment history). The account is now in collections with Bison Recovery Group. The collection has not been reported to the Credit Agency's as yet. I spoke to Bison Recovery Group trying to do the right thing and setup payments. The original collection balance is at $1,400. I got them down to $708. The are willing to do payments, which I got a letter via email. 

 

I spoke to the manager there and I told her  "this has not been reported to the credit agencies as of yet". She told me most likely it will not be because the company that owns the debt ( since it's such a small amount she said ) will not send it over to the credit card agencies. they will only send it over if it goes to court.  

 

Is it even worth it paying for an item not on my credit report? I know I am liable for the amount and trying to do the right thing. I just don't want to assume it will never hit my credit report and be blind sided later on .Ive been doing a great job rebuilding as of February this year. 

 

Any replies are always welcome. 

Credit Profile: Started (2/6/2016): EQ 516, EX 542, TU 543
FICO 08 (11/4/2016): EQ 634, EX 647 , TU 645
Message 1 of 8
7 REPLIES 7
RobertEG
Legendary Contributor

Re: Collection Not on Credit Report. Help please

Are you still within SOL?

If so, the potential would still exist for more than just reporting of a collection.

 

You can always counter by requesting, as part of your repayment agreement, their stipulation that as long as you make your payments, there will be no reporting to the CRAs.

 

Message 2 of 8
Anonymous
Not applicable

Re: Collection Not on Credit Report. Help please

You've answered your own question.

It's the right thing to do since you owe the debt. But if you're still on the fence, consider the lessons you've learned on this site and in your personal growth - is it worth it to let all this hard work get tanked by taking a chance on saving a few hundred bucks?   If it's a valid debt, they can put it on your report later.  And if they don't report unless it goes to court - maybe they tend to sure regularly. Who knows? I don't care for the suspense.

I wouldn't risk it.

Message 3 of 8
evsports7
Contributor

Re: Collection Not on Credit Report. Help please

Your right, I do not want to risk it and ruin all the hard work I have come so far. 

Credit Profile: Started (2/6/2016): EQ 516, EX 542, TU 543
FICO 08 (11/4/2016): EQ 634, EX 647 , TU 645
Message 4 of 8
evsports7
Contributor

Re: Collection Not on Credit Report. Help please

Anyone have a similar situation? 

Credit Profile: Started (2/6/2016): EQ 516, EX 542, TU 543
FICO 08 (11/4/2016): EQ 634, EX 647 , TU 645
Message 5 of 8
Anonymous
Not applicable

Re: Collection Not on Credit Report. Help please


@evsports7 wrote:

Hello all,

 

As always thank you for the wealth of knowledge. 

 

Here is my situation. I went to Kmart and leased a $800.00 TV from there leasing program WhyNotLeaseIt. Longs story short I have not made payments on it for about 11 months now (this was when I didn't care about my credit/payment history). The account is now in collections with Bison Recovery Group. The collection has not been reported to the Credit Agency's as yet. I spoke to Bison Recovery Group trying to do the right thing and setup payments. The original collection balance is at $1,400. I got them down to $708. The are willing to do payments, which I got a letter via email. 

 

I spoke to the manager there and I told her  "this has not been reported to the credit agencies as of yet". She told me most likely it will not be because the company that owns the debt ( since it's such a small amount she said ) will not send it over to the credit card agencies. they will only send it over if it goes to court.  

 

Is it even worth it paying for an item not on my credit report? I know I am liable for the amount and trying to do the right thing. I just don't want to assume it will never hit my credit report and be blind sided later on .Ive been doing a great job rebuilding as of February this year. 

 

Any replies are always welcome. 


What it comes down to is this - if you do NOT pay it, eventually it WILL end up on one or more of your reports. If you can prevent that from happening, then do so.

Message 6 of 8
Anonymous
Not applicable

Re: Collection Not on Credit Report. Help please

We're in a similar situation but with a medical account. As long as we make the monthly payments it won't go on hubby's reports. And we can pay it early if we want to (or can) with no interest. Emergency room visits can play havoc with a budget even after insurance does its part
Message 7 of 8
evsports7
Contributor

Re: Collection Not on Credit Report. Help please

Thanks guys, I will do what I know is right. Like you all said, it's not worth taking the risk.

Credit Profile: Started (2/6/2016): EQ 516, EX 542, TU 543
FICO 08 (11/4/2016): EQ 634, EX 647 , TU 645
Message 8 of 8
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