I presume the question was whether a collection reported by a debt collector can remain once their collection authority is terminated by the OC?
A debt collector does not have to own the debt, they can be an assigned agent of the creditor. The debt remains due to the creditor, and the debt collector is acting only as their agent. They report their collection authority, which does not require that they own the debt. If the debt collector has actuallly purchased the debt, it is rare that they would sell it back to the creditor.
Regardlesss, a debt collector is reporting their authority to collect on the debt. If that authority is terminated, the fact that they had that authority is not negated, and there is no requirement that they delete their reporting. They must update their collection to report closed, with $0 remaining under collection.
Any deletion would be voluntary on their part. Many debt collectors will delete after termination of their collection authority simply to rid themselves of any obligation to update their reporting or to subject their reporting to disputes.
