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Question By
gaminggeek212

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If I arrange payments for a debt that is in collections, would this be shown on my credit report?
I recently had a collections debt show up in my reports. However, I am not sure it's my debt as I do not recognize the original creditor's name. If the collection agency can help me verify the debt...and I agree to make payments...would (or could) they report that I was making payments as agreed?

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First off, once the debt is verified as a valid debt, as part of your negotiation in paying it off you should include removal of the negative credit report as one of your terms, and get it in writing. Most of the time you have more power to make this demand if you pay it in full right away, but if you can only make payments you should still try to force this issue and require removal once your last payment is made.

As far as making payments go, that is purely up to the collection agency if they are going to regularly report it to the credit reporting agencies, if they do it will show a lower balance each time they report. If they don't report on a monthly payment basis, once it is paid off in full they are required to report the debt as paid in full, which will then be reflected as such on your credit report which is great.

Reply by
gaminggeek212

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I will be sure to try these things. Thank you.

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