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Can I dispute this?

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Anonymous
Not applicable

Can I dispute this?

in 2000 had a line of credit with HSBC.   They sold it off to Springleaf.   In 2014 I got behind and Springleaf who sold it off to a collection agency.   I settled with that agency and paid them what we agreed.   My Transunion report has a "collection" account payment status unknown and status of "Closed" 0 balance.  Springfield also reports a 0 balance Status Closed payment Status Late.

 

So my question.  Is it normal to be penalized twice, once for the original account and once for the company I settled with?

 

 

Message 1 of 3
2 REPLIES 2
RobertEG
Legendary Contributor

Re: Can I dispute this?

The creditor reports your history on the account.

A debt collector reports that they have obtained authority to collection on a delinquent debt.

Both can, and commonly do, report on the same debt.

Totally proper.

 

The creditor reports the balance on the debt that is currently owed to them.

The debt collector reports the debt balance that they are currently authorized to attempt to collect.

 

If the creditor sells the debt to a debt collector, then the creditor is required to promptly update their account to $0 balance.

That signifies only that you no longer owe any debt to the creditor.

If the purchasing debt collector reports, the balance then reflects both the amount they are authorized to attempt to collect, and that the debt is owed to them.

 

Message 2 of 3
Anonymous
Not applicable

Re: Can I dispute this?

Thank you Robert..   Guess I'll just wait it out

Message 3 of 3
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