Same debt from two creditors?

Date: Tue, 02/28/2006 - 15:07

Submitted by anonymous
on Tue, 02/28/2006 - 15:07

Posts: 202330 Credits: [Donate]

Total Replies: 1

I've recently ordered a credit report and saw that an unpaid debt with Best Buy which was reported on 5/2002 was transferred to LVNV Funding. It now shows a debt from both creditors. I settled the debt on 11/2005 from LVNV for less then full balance. Since the debt has been tranferred to LVNV the estimated date of removal has been increased till 10/2012 from 2/2009. Can they start the 7 year process over again when the debt changes hands? Since I setteled the debt the balance on both creditors is $0 but my question is do they have the right to report both creditors for the same account (originally Best Buy who sold it to LVNV Funding)? Thanks Chris

Your credit report is not showing two creditors with the same ac

Your credit report is not showing two creditors with the same account. Best buy is the original creditor who later sold the account to LVNV Funding. They are a collection agency who purchased the debt from the OC. When the account is sold, the collection agency becomes the original creditor and the former one gets removed. So, your file should only show LVNV as the creditor.

Answering the main portion of your query, the 7 years reporting time does not get changed with the change of the company. The date of original delinquency that happened in 5/2002 will only begin the calculation. Let's say, if the CA again sells the account to some other agency, and the dates get changed thereby extending the 7 year mark, this account will never get removed from the file.

You need to dispute this item with the credit bureau explaining the actual fact. They will conduct the investigation with the companies and update your file.

lrhall41

Submitted by curlycarl on Tue, 02/28/2006 - 15:48

( Posts: 616 | Credits: )