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agency. Should I try to settle the debt, assuming the collection agency could sue me for the entire balance in the future? If so, what should I make sure they put on my credit report when the debt is settled?I may have awakened a sleeping dog, but I called the collection agency yesterday and found out that they hadn't bought the loan from United Guaranty (PMI). They are collecting on a contingency basis, which I think means they are representing UGI for the amount. Now reading your answers, I think maybe I should have let them just come after me, because they didn't even know if I was still in the place and they had some weird address for me. I told them all I had was 3k for settling the debt of 60k. They wanted 9k, but I think they are discussing with UG in order to settle for the 3k. My credit report says "paid, closed" "account closed at consumer's request" for the BOA account which this originated from and UGI doesn't show up on my credit. Can anyone help me understand this better and their opinion on what to do at this point?