Timely payment reporting

[EC101]

I have a collection agency seeking payment for a valid debt, that I'm willing to either settle, or make payments on, however if I make payments, they refuse to report to the credit bureaus that I'm paying as promised. Is this legal? Do they have the right to accept regular, on-time payments, and not update my account status accordingly?

Thanks

 

[Michael Wechsler]

Originally posted by EC101
I have a collection agency seeking payment for a valid debt, that I'm willing to either settle, or make payments on, however if I make payments, they refuse to report to the credit bureaus that I'm paying as promised. Is this legal? Do they have the right to accept regular, on-time payments, and not update my account status accordingly?

The fact that you are settling a debt doesn't mean you are paying as promised. If you paid as promised you wouldn't need the renegotiation. Think of it this way. A friend said he'd pay you $500 by the end of February. It's now March and you still don't have your money and he says he'll pay you $100 a month. While he's paying you on time for the second agreement you are still out your money until the end of July, and that was not the agreement you made when you lent him the money.