Did the debt collector purchase the loan, or are they only an assigned collection agent?
The OC account will remain closed and late (in a derogatory status) until the debt is fully paid.
If the OC has sold the debt, the current balance should have been updated to $0 at time of the sale.
In that event, there would be no need for any additional updates by the OC, and since the debt collector is not reporting, your credit report will not show the amount of remaining debt.
Howeer, if the OC still owns the debt, then techincally they are required to promptly update the remaining balance as it is reduced. FCRA 623(a)(2).
It is not uncommon for the creditor to be lazy in that regard and not update when each payment is made, usually because they are not notified monthly by their agent of ongoing payment status. Not a huge deal, but they are technically required to promtply update so as to maintain the current accuracy of each item of information they have reported. They are likely waiting until the total debt is paid to do balance updates.
Do you have a substantive need for your report to show the ongoing, updated balance, such as being in a new credit application process?
