The fact that the original creditor is no longer in business means someone else now owns the debt.
That party could be either a creditor, if they acquired the debt while in good standing, or a debt collector if acquired as a delinquent debt.
The reporting debt collector could either be a purchasing debt collector who now owns the debt, or they could be an assignee only.
It really does not matter as to whether they can report their collection if they currently have collection authority.
At this point, it is reported collection for which there is no specific basis for contesting the appropriateness of its reporting.
They should have sent dunning notice within 5 days after reporting of the collection, within which they should have identified the current owner.
That may, when received, provide notice of current ownership, and thus the type of collection authority (owned vs assigned)
You can either send a DV request if you seek validation prior to considering payment, or contact them and begin payment negotiations, such as a settlement offer or a PFD offer. I inquired as to your state of residence, as some states have their own enhanced DV procedures that may provide additonal requirments above that of a DV request under the general FDCPA.
