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Lease Mileage Overage Situation


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Hello, I ended my lease and my credit report says paid in full - perfect. However, I do have over 4K in mileage overage charges, which is not on my credit report. I am getting calls from a collection agency for the money and as of right now, they are also not on my credit report. So, I have the following questions:

 

1. If the lease is listed as paid in full, will the mileage charges ever get put on my credit report?

 

2. If I settle with the collection agency and pay less, will that go on my credit report as a negative (like credit cards usually do), considering that the overage charges are not even on my credit report now?

 

I'm trying to figure out if I should settle with the collection agency or not.

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7 hours ago, pedcre said:

Hello, I ended my lease and my credit report says paid in full - perfect. However, I do have over 4K in mileage overage charges, which is not on my credit report. I am getting calls from a collection agency for the money and as of right now, they are also not on my credit report. So, I have the following questions:

 

1. If the lease is listed as paid in full, will the mileage charges ever get put on my credit report?

 

2. If I settle with the collection agency and pay less, will that go on my credit report as a negative (like credit cards usually do), considering that the overage charges are not even on my credit report now?

 

I'm trying to figure out if I should settle with the collection agency or not.

 

1.  Possibly.  

 

2.  If you negotiate that they don't report ever prior to paying:  no.  If you pay first and don't negotiate not reporting or deletion if it has already reported then it likely stays.  The key is to get the terms agreed upon prior to paying.  Once you pay you lose leverage.

 

As for settling:  debts tend to rear their head and bite you in the credit behind at the worst possible moment.  If you can settle this for a satisfactory amount and no credit reporting it is best to take care of it now.  

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