thanks cinnamngrl. the original creditor is hsbc bank.
so when i pay the collection agency, is it their responsibility to update their entry to Paid Collection and also to go back to the original creditor and ask them to update their entry to Paid Charge Off?
No, the original creditor won't be able to do any updates on your accounts. It is only the collection agency who will update your account status as "Paid" after your payments on the account.
However, if you want to remove the charge-off, you will have to request your original creditor to pull back the account from the collection agency. Once the original creditor pulls back the account, you will have to negotiate a "Pay for delete" (PFD) on the account. If the creditor agrees to PFD, the charge-off will be removed, and the account will be updated as "Paid".
Get a credit report and find out whether your collection agency has already updated your paid charge-off. If your charge-off accounts do not show paid in full, you should dispute the item with the credit bureau. If the charge-off accounts show paid in full there is nothing you have to do.
dispute the item and file a complaint with AG or appropriate regulator
what is AG?
If you pay the collection agency, is the original creditor even required by law, to update their entry to say Paid Charge Off.
AG= Attorney General
Yes they must update but sometimes you must nudge them
who is the OC
thanks cinnamngrl. the original creditor is hsbc bank.
so when i pay the collection agency, is it their responsibility to update their entry to Paid Collection and also to go back to the original creditor and ask them to update their entry to Paid Charge Off?
charge off account
Hi poorman,
No, the original creditor won't be able to do any updates on your accounts. It is only the collection agency who will update your account status as "Paid" after your payments on the account.
However, if you want to remove the charge-off, you will have to request your original creditor to pull back the account from the collection agency. Once the original creditor pulls back the account, you will have to negotiate a "Pay for delete" (PFD) on the account. If the creditor agrees to PFD, the charge-off will be removed, and the account will be updated as "Paid".
Thanks,
Aaron
how to update your paid charge off
Get a credit report and find out whether your collection agency has already updated your paid charge-off. If your charge-off accounts do not show paid in full, you should dispute the item with the credit bureau. If the charge-off accounts show paid in full there is nothing you have to do.