Double reporting to credit bureaus
Date: Fri, 04/24/2009 - 09:46
I recently received two "Major Deragatory's" on my credit report. The first was a credit card company that states they have "charged off" the account. Does this mean they have sold it to a collection agency? And if they did, can this collection agency also report a "Major Deragatory" which they have recently on the same account?
Charge off does not necessarily mean that it has been sold. The
Charge off does not necessarily mean that it has been sold. There should be a $0 balance and a "Sold/Transferred to another lender" notation on the tradeline. Both the OC and CA can report at the same time for the maximum 7 years+ 180 days from the Date of First Default.. In a rare instance, it is possible that the OC, a subsequent JDB and a CA could report but I have never seen it.
