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CA's voluntarily removing accounts from credit reports?

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go_FICO_self
Frequent Contributor

CA's voluntarily removing accounts from credit reports?

What happens for the CA to delete it's own collection from the credit report? Anyone have an experience?

 

Standard explanations and other factors aren't at play: they are well within the time limit of reporting it. Plus, the CA's other accounts are still being reported.

 

Also what happens to that credit line? Is it gone forever? is it gone from the extended credit report as well?

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RobertEG
Legendary Contributor

Re: CA's voluntarily removing accounts from credit reports?

Debt collectors are instructed under their credit reporting agreements with the CRAs to delete their reported collection if their collection authority has been terminated while the debt remains unpaid.  That CRA policy is intended to clear the consumer's file in the event that another debt collector therafter obtains collection authority, and reports their collection.  One debt, only one reported collection.

 

Any debt collector who has obtained collection authority, either by way of assignment or purchase of the debt, can report their collection.

Deletion removes the reporting, so it is gone unless reinserted.

Reinsertion by the same debt collector can also routinely occur if the deletion of their reporting came about as a result of a dispute filed by the consumer, and the debt collector could not or did not provide verification within the 30-day dispute period,  If the debt collector or the CRA deletes as a result of such a dispute, the debt collector can later reinsert at any time provided they include a certification of accuracy of the information that was previously found to lack verification.  The deletion is not absolute.  The goal is to ensure the accuracy of information, not to preclude any later reporting of accurate information based on expiration of an administrative thirty day verication period.

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go_FICO_self
Frequent Contributor

Re: CA's voluntarily removing accounts from credit reports?

Thanks for the reply, Robert. So, you're saying the most likely reason is that it has been sold?

Message 3 of 4
RobertEG
Legendary Contributor

Re: CA's voluntarily removing accounts from credit reports?

If you did not file any disputes, then the most likely cause is either that the owner of the debt terminated their assignment with the debt collector or the debt collector has sold the debt to another.

Message 4 of 4
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