Could a Happy moderator offer a simple explanation regarding "assigned" and "owned" by a collection agency?
I see a few posts were people are confused!
My understanding is...The OC can "assign" a debt to the CA. When it is assigned, both parties may try to collect on the debt. Both parties can report negative information on your CR. Both parties can accept payment.
If the OC "sells" the debt, then the CA solely owns it. Only the CA can accept payment. Only the CA can try to collect payment. The OC can report on the CR until they sell the debt. Then they should report on the CR that the debt was sold to collections and stop updating the tradeline. The CA can start reporting once they have bought the debt. The DOFD remains the same regardless of when they bought the debt. They are to report it accurately on the CR (so it's up to the person to know when their DOFD was to follow up with CR).
The way the consumer is to know which is which is to DV the CA. If they can provide full media documentation, including proof that they bought the debt, you know they own it. If they can not provide proof of owning the debt, the consumer should go back to the OC to make payment arraignments.
Also, if the debt is "assigned" to the CA, then the OC can pull it back from them at any time.
How'd I do?? 
