@Cheryla18 wrote:
RobertEG I am sorry that you seem to have taken such an offence to my usage of Double Jeopardy, however it does appear to be just that. With any other CL such as Credit Cards once the account has been Charged Off and sent to a Collection Agency, the Original Credit NO LONGER REPORTS MONTHLY THAT THE ACCOUNT IS LATE. They simply report it as Charged Off. That is when the collection agency then starts reporting monthly with a balance owed. Then if that Collection Agency sells it to another agency, they first collection agency then has to report it as a ZERO balance, due to the fact that the 2nd Collection Agency will then be reporting a balance owed. If every Collection Agency we allowed to report a balance owed even if it was sold, that would be inaccurate reporting.
Also yes they are Required to notify me of how much they resold the van for. That amount is then to be subtracted from the remaining balance of what i owed them.
Just a few clarifications. If the OC still owns the debt, no matter if it is CO'd or not, they may continue to report it as late.
If the OC still owns the debt, both the OC and the CA are allowed to report a balance. If the OC sold the debt, they must report is as a 0 balance.
When one CA sells an account to another CA, the first CA is no longer allowed to report. Only 1 CA and the OC can report on an account at any given time.
