OC or CA?
Date: Thu, 08/20/2009 - 14:22
I have a quick question that I can't seem to find an answer to. I have two accounts that I need to settle. I sent PFD's to both over a month ago, but did not hear back from either. They were sent CMRRR too.
Anyways, I was looking at my credit report and noticed that one debt was listed twice; once with the OC and once with the CA. It is my understanding that both cannot report a balance, only one can if the debt was purchased from the OC, which in this case it was. The OC should not be reporting a balance since it was sold off.
I was thinking that, if the OC still reports a balance then I should settle with them and pay them off. If I do this, I can DV the CA and they will have to remove it by law because there is no longer a balance.
I was thinking this would be much better on the credit report.
What do you guys think?
It is not necessarily being reported twice. The original tradel
It is not necessarily being reported twice. The original tradeline is not removed when they sell or transfer the debt. The OC has no obligation to remove it. They probably will not anyway. Even if you get a PFD with the collecation agency, the original tradeline will stay for the federal reporting period.
You can't settle with the OC. They do not have ownership of the debt anymore. You have to settle with CA. I do not know of any way that you can get the OC to remove the account. As the account ages, it will have less impact.
Okay, so the original tradeline is showing. However, doesn't th
Okay, so the original tradeline is showing. However, doesn't the FCRA state that the OC can be on the report but once the debt is sold they must report a zero balance because they are no longer the owner of the debt? I mean, they can't be reporting a balance when they also reported it sold. They can't have it both ways, can they?