Collection Agencies posting new account onl my credit report
Date: Wed, 08/12/2009 - 17:29
Double entry?? Well, if the collection agency has purchased
Double entry??
Well, if the collection agency has purchased the account from the original creditor then they can report it to the credit bureaus. But at any point of time one account shouldn't be reported twice. If that has happened then you'd need to dispute the matter with the credit reporting agencies. They would investigate into it and eventually would take out the wrong information.
As soon as it is charged off by the OC, it is assigned to a coll
As soon as it is charged off by the OC, it is assigned to a collector, who will put a collections tradeline. So yes, there will be 2 tradelines.
I am assuming that this account was just charged off. In that case, it is *extremely* unlikely that the debt was sold this soon.
Ok, I have a question, so if OC still owns the account even if i
Ok, I have a question, so if OC still owns the account even if it is charged off and they hire a CA to collect, do they both report on you credit report or just one. If the OC sells off the debt to a CA, is that when they (CA) start the reporting? I'm still trying to figure out how you know for sure if the OC still owns it after charge off or if it has been sold to CA.
Quote:Ok, I have a question, so if OC still owns the account eve
Quote:
Ok, I have a question, so if OC still owns the account even if it is charged off and they hire a CA to collect, do they both report on you credit report or just one. |
If the OC still owns the debt and hires a CA to collect then the OC wil report all actions to your CRAs. For example if the debt is charged off with a balance then the OC will report a "charge off" in your tradeline with "X" amount as past due balance. The CA will collect on the past due balance then the OC updates the CRAs as "charged off paid in full." The CA is also allowed to report any derog information as well being that they are authorized to collect on the debt wether they own it or not. The trick is if they report it to your CRAs and turned it back over to the OC, dispute it ASAP and have it removed! I know it is complicated but it just depends on how the situation plays out.
So Chrys is right as they can both report you for the same debt but as in different forms. One will be in your "creditors" tradeline and another in "public records" tradeline :?
For example, I had a comcast bill turned over to a CA for collection. Comcast still owned the debt, however the CA was collecting payments. The CA had the power to report me to the CRAs if I defaulted on payments with them as well. Usually it does not happen and it is just turned back over to the OC for collection or resold to another CA. Long story short neither one reported me to the CRAs because I paid the balance off as agreed and communicated everything!
