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Established Member
TSB71
Posts: 28
Registered: ‎03-09-2013
0

Can an OC and a CA both report a balance for the same account?

It seems like I am getting double dinged here.  I have a balance with both the OC and the CA.  I thought the OC was supposed to report 0.    If this is wrong do I just disupte double jeopardy or whatever to the credit bureaus?


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Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
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Re: Can an OC and a CA both report a balance for the same account?


TSB71 wrote:

It seems like I am getting double dinged here.  I have a balance with both the OC and the CA.  I thought the OC was supposed to report 0.    If this is wrong do I just disupte double jeopardy or whatever to the credit bureaus?


The only time when the OC reports 0 bal is when they sold the account to the CA. If both are showing a bal that means the OC still owns the debt and has the CA collecting for them.

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Can an OC and a CA both report a balance for the same account?

Even if the account is Charged Off does not mean it is automatically a 0 balance.  If they still own the debt they report a balance along with a CA, if they report.

 

If the OC sold the account, then it would report a 0 balance and the CA would report a balance.

Established Member
TSB71
Posts: 28
Registered: ‎03-09-2013
0

Re: Can an OC and a CA both report a balance for the same account?

So would a PFD to OC be my best option?


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Current Score: 601
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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Can an OC and a CA both report a balance for the same account?

You can, however, it does not remove the CA TL.  You can ask them to recall the debt from the CA and ask they don't report.  The CA does not have to do this.

Mega Contributor
RobertEG
Posts: 17,728
Registered: ‎03-19-2007
0

Re: Can an OC and a CA both report a balance for the same account?

It is not actually double-reporting.

 

While the OC still owns the debt, they are reporting the balance remaining on the debt itself/

If they have assigned collection assistance to a debt collector, the collection reports the amount they are authorized to collect, not debt owed to them.

New Member
Mindcrime
Posts: 17
Registered: ‎03-16-2013
0

Re: Can an OC and a CA both report a balance for the same account?

While it's not illegal, it does affect your scores. I've had two reports identical with one exception of CA and OC reporting on one, and only OC on another, and there was an approximate 50 point difference.

It's always best if OC still owns debt, if you can negotiate a deal with them to pull back account then CA should go away with a simple dispute and a PFD on the OC side would wipe it clean, if they agree to it.
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Can an OC and a CA both report a balance for the same account?

Even if the OC pulls the account back the CA is under no obligation to remove their TL and there is no basis for a dispute.  Disputing accurate information is frowned upon by the TOS of the forums.

Mega Contributor
RobertEG
Posts: 17,728
Registered: ‎03-19-2007
0

Re: Can an OC and a CA both report a balance for the same account?

+1

Upon receipt of payment by the OC, the collection is automatically terminated, as their is no remaining debt for the debt collector to continue collection.

The OC simply notifies the debt collector of that fact.  They dont "pull back" the collection, they notify the debt collector to teminate it, and certainly have no authority to "pull back" any credit reporting that they did not make.

 

There is NO basis for disputing the accuracy of the reporting made by the debt collector.  A dispute lacking basis is simply "frovolous or irrelevant."

New Member
Mindcrime
Posts: 17
Registered: ‎03-16-2013
0

Re: Can an OC and a CA both report a balance for the same account?

Actually, OC's can, and have, pulled back accounts from an assigned CA, happens all the time. There is nothing illegal about it.

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