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Can collectors while collecting report this as an open accou


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:confused:

I had a student account that had a remaining balance of roughly $20,000.00. I could not pay the university and a year or so later it was turned over to a collector in South Carolina. I attended a private university in NC. I do not do know if the account is assigned or purchased. I have been making payments to the collector via telecheck for 3.5 years :eek: ! I am now 27 and looking to buy a house. After talking with the broker and going over my credit report he indicated that unless the collector reported this collection as something other than past due and as a collection NO one would extend me a loan.

This account is being reported as a collection and reflects a past due amount of 17000.00.

I have spoken to the collector and he claims that he cannot change the way it is reported. I want to know if he could report this as an open account and show that payments are being made monthly as agreed until it is paid? How does it benefit them to report it negatively -especially if they are getting paid? Is there anything that can be done? I cannot negotiate a balance that is payable at all until it comes down a bit. The balance paid option is out. I don't know since I have been paying if there is any negotiating power.

If someone has any idea I would greatly appreciate any help.

Thanks

[Edit by tdjnc on Wednesday, March 12, 2003 @ 07:15 AM]

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