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SconMomma

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I've been paying a collection for 4 years for a surrendered car. Has not been on CR for 4 years?
I had to surrender my vehicle in 2008. (it was reported on my CR, as it should have). I have been paying $20 a month, in good faith for well over 4 years. (my vehicle was auctioned off as well). My concern is, the collection agency I'm paying (FBCS) did not show up on my CR in 2012 when we applied for our MTG (my CS was still too low to be included on the MTG loan). Here it is, 2016 and this account is STILL NOT on my CR. According to my credit report, it states that I have NO ACCOUNTS IN COLLECTIONS as of May 1, 2016 and my CS is in the Excellent range. Do I keep paying? Do I send the agency a certified letter stating I'm done & why?

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If you defaulted in 2008 or prior then it would not be on your credit reports nor could it legally be allowed on your credit reports as you are well beyond the seven year time period for negative accounts. I am not sure what to advise you though regarding payment as you may restarted the "statute of limitation" clock by entering into a payment agreement with them. you cannot restart the credit reporting time period clock but could possibly restart the clock for being sued. I don't know what you owe, but I doubt that they would spend the resources to take you to court if they have been accepting twenty dollars a month for all this time. If it were me, I would probably stop paying them, I am not advising you to do that, I advise you to do some reading on the subject and make your own decision.

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