collections

[Anonymous]

Why is that your score goes down when a collection hits your credit for the same bill? They switch from one company to another but it is the same bill. It sounds like double jeopardy to me.

[203bravo]

There can only be 1 collection for your account at a time.  Do you mean a notation from the OC as a CO and a second notation for the CA? 

[musicdiva]

BUMP.

I have the same original question: what is the impact to the score if the OC lists an item and a CA does and both are on the report at the same time. 

Since there can only be "1 at a time", does that mean one CA at a time or only one of either the OC or CA?

[DaveSignal]

There are two accounts, but they are different types of accounts.  One is for the OC who marks a charge-off.   The second is for the collection account.  This is how they all work.  IME, The collections are easier to PFD or GW once paid than the carge-offs.  

If the CA sells the account to another CA then I guess the new CA would also create an account. I would hope that the first CA would delete then so you don't have a charge-off and then TWO collections for the same account, a total of 3 hits.  I guess you should work on trying to pay the collection.

[RobertEG]

While a debt collector may choose to delete if their collection authority is terminated, nothing requires them to do so.

A new debt collector has the right to report their collection once assigned collection authority.  So yes, you can have two debt collectors in your CR related to the same debt.

[julielyn64]

What a nightmare the past 2 years paying off collections and today some still remain even though the ca agreed to delete item when paid in full.

my fico score is lower now than when i started 2 years ago. I dont advise anybody to payoff collections at all. The damage is done leave it be it goes away in 10 years regardless! My Experian was 608 Transunion 713 and Equifax 648 so I screwed myself because im trying to get a mortgage and fha

doesnt care about medical collections! Today i get my updated joke of an Experian report to find they didnt update crap i paid nor did they delete it and my score fell to a 594!

im so mad!

do not i repeat do not pay collections it brings it up to date and your time starts over ...sry im on a tablet typing.

[julielyn64]

Agreed. I have several that are duplicated. Im wanting to sue them now seriously! This is my credit reputation they are lying about!