Being double dinged on my credit for same account? HSBC/Cap 1 & Cavarly Portfolio

[Shann0n_marie]

What can I do about this? 

I have two entries on my credit report - my original revolving CC with HSBC/Orchard Bank with DOFD 4/2011, CO 11/11, but showing current balance owed $566.

Then I have a collection reporting, w/ assigned date Nov. 17, 2011 showing Cavalry Porfolio, OC HSBC showing current balance owed $626

Original	Curr Creditor	Orig Amt	Current Amt	Last Date
HSBC	Calvary Portfolio Service	567	626	11/17/2011
Capital One	Capital One/HSBC		566	Dec 2011

Should I send a Direct Dispute to Cap 1?  I've read alot of stories that say that Cap 1 cannot validate the debts since purchasing HSBC portfolio?  Can I have the OC account removed?  Do you think I should send a Debt Validation letter to CA?

Below is a pic of both accounts on my credit report:

[gdale6]

I dont see anything wrong with this. The OC can report as they are and the CA can report as well.  The CA can add interest, fees and other charges to their balance. The OC has not updated since 2011 neither has the CA.

[Shann0n_marie]

They both can say that a balance is due?

[Anonymous]

Yes, Cap One/HSBC has hired Portfolio as their collector instead of selling the debt. Quite normal.

[Anonymous]

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@Shann0n_marie wrote:
They both can say that a balance is due?

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I dealt with a similar situation not long ago, I disputed and the Original Creditor account updated to a $0 balance. I cannot say that this will happen everytime, but it definitely helped my score.

The way I see it, you currently owe $626 (and climbing with interest) for this negative account. You technically do not owe $1192 (566+626) for this account, so it not should be showing as $1192 worth of debt on your credit reports.

[gdale6]

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@Anonymous wrote:

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@Shann0n_marie wrote:
They both can say that a balance is due?

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I dealt with a similar situation not long ago, I disputed and the Original Creditor account updated to a $0 balance. I cannot say that this will happen everytime, but it definitely helped my score.

The way I see it, you currently owe $626 (and climbing with interest) for this negative account. You technically do not owe $1192 (566+626) for this account, so it not should be showing as $1192 worth of debt on your credit reports.

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This isnt even an issue, everyone knows its a collection account for the OC. It is reporting correctly as current law allows. I would not be urging the OP to dispute anything here these have not updated since 2011, disputing and not getting a total deletion will cause a Fico score drop. Besides My Fico doesnt advocate the disputing of valid credit information.

[Shann0n_marie]

Gdale6, but doesn't that OC account showing a balance mess up my utilization because it's reporting a credit limit and a balance?

[tiger_uppercut]

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@Shann0n_marie wrote:
Gdale6, but doesn't that OC account showing a balance mess up my utilization because it's reporting a credit limit and a balance?

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It does affect your utilization, yes. But the CA does not, so you're only (correctly) getting dinged once for the utilization of the OC.

[RobertEG]

It is really no different than the creditor reporting plural derogs on the same debt, such as a 120-late and a charge-off.

The current reporting by the creditor of the balance represents the debt currently owed to them.

When a debt collector reports a balance, it is of the amount they are currently authorized to attempt to collect, and not necessarily the reporting of a debt owed to them.  It is not double reporting of the same thing (i.e., the debt).  If the debt collector purchases the debt rather than being only an assigned collection agent, then the balance they report also becomes the balance of debt owed to them. 

It is accurate and very common reporting.

The only item that would legitimately be disputable would possible be their lack of update of the current debt and collection balances if the creditor is continuing to assert the accrual of interest.  That is not sumehting that would be an advisable dispute.

[Shann0n_marie]

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@tiger_uppercut wrote:

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@Shann0n_marie wrote:
Gdale6, but doesn't that OC account showing a balance mess up my utilization because it's reporting a credit limit and a balance?

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It does affect your utilization, yes. But the CA does not, so you're only (correctly) getting dinged once for the utilization of the OC.

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Thanks everyone for your answers! I plan on paying off the CA in the next month or so.