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Question about Collections and CR

Date: Tue, 03/14/2006 - 21:26

Submitted by twokidtwocat
on Tue, 03/14/2006 - 21:26

Posts: 602 Credits: [Donate]

Total Replies: 4


I have 4 credit cards in consolidation,and two of them are charged off.Since the money is now going to the collection agency and they are not on my credit report,do they notify the orginal creditor that payments are being made,so payments can be put on my credit report,or at some point does the orginal creditor get taken off the CR and replaced by the collector.This is my first time dealing with collection agencies and I not sure how this works.I remember reading a post about the same account cant be reported twice.The two credit cards have been charged off for 3 months now and the orignial creditor is still showing on my CR.I hope I made sense.Thanks in advance for your anwsers.
TWOKID


Hey there twokid. I have had SEVERAL accounts go into charge off mode and go into collections. In my case, on my report and I'm sure its this way with others---the original creditor stays on the report. I don't have any of my collection agencies on my report. They will not 'show' that you are making payments, not generally. They will wait until the debt is paid off and then you will get a 'paid charge off'. This is the best you will get. Now the best you can hope for, is the original creditor will renew the account and put it back into 'pays as agreed' status after you make a few payments in a row and drop the 'charge off'. But that is only if you're making payments to the original creditor and not a collection agency. That doesn't happen alot but it happened to two of mine. I am about to pay off a couple of collection agencies next month and so this will be a new experience for me. I have paid a few things off since trying to straighten my finances back out, but none of them were collection agencies. so now I will get to see how it works from paying the collection agency off. I had a BP gas card that went into charge off/collections, but after making a few payments in a row, it went back into good standing. I recently paid it off in january and they gave me a full 'paid as agreed'. Home Depot did the same thing.
Now if an original creditor 'sold' your account--it will show up as a '0' balance and have a 'payment after charge off' as your status. It will remain on your report like this until it drops off. even if you pay it off, that won't change because they sold it and it no longer belongs to them so they can't give you a 'paid charge off'. and in my case, the CA that OC sold to, isn't on my report. so I will not get anything positive on my report concerning this debt.
Hope this all made sense to you, if not, let me know where I confused you and I will explain it better. If anyone else has something to add, jump right in!


lrhall41

Submitted by imkimssister on Tue, 03/14/2006 - 22:07

( Posts: 1301 | Credits: )


I was telling you about how I'm going to pay some stuff off once our income tax comes in. I just found out last night that hubby was in such a hurry to get it in the mail, all he did was sign it and forgot to put our bank account number so it could be direct deposited!! so that just added on some more time. GEZ! :( little shirley is not happy. lol! her thinks husband is a doofoo. lol! (j/k)


lrhall41

Submitted by imkimssister on Wed, 03/15/2006 - 04:48

( Posts: 1301 | Credits: )