How many times can the same collection account appear?

as long as the information is accurate then yes. the original creditor will be listed as charged off and the agency reported as collections.

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dont know the answer to this. cant imagine it would help. someone else might offer a better answer.

Yes, each collection account enters into their formula. This is one of the reasons it is beneficial to settle with the original creditor.

What should happen (if anything ever happened like it should happen) when an account is sold to another collection agency is that the original creditor (HSBC) should report to the bureaus that the acct is at a zero balance and listed as a collection. The older the HSBC acct becomes, the less it will negatively effect your credit score. The new creditor (that bought the acct from HSBC) should now list the amount owed which can usually be settled for a much lower amount. If your credit score is important to you then you need to pay off the new collection agency (get everything in writing and make sure they report it at a zero balance) and make sure HSBC is at a zero balance.
So in essence, the answer to your question is yes two companies can report the same debt as "in collection." However only one creditor should have a balance listed on your report. Also even if HSBC lists the original acct at a zero balance, the fact that the acct is "in collection" under both creditors will bring your credit score down more than if only one creditor had the acct. Just know that the older the HSBC acct is, the less important it becomes.