10-30-2012 04:43 PM - edited 10-30-2012 04:50 PM
This might be a stupid question, I only assume they do..but when a collection agency shows up on your credit report after a debt has been sold/transferred, you are essentially being dinged twice for the same debt. That doesn't seem exactly fair. Does it drop your credit score or do the credit agencies know it's tied to a pre-existing debt?
Is there anyway to fight/dispute this duplicate activity if it does drop your credit?
I just disputed one, and they JUST updated it to closed/transferred/sold. Another updated theirs to just closed. I have no idea if that is good or not but it's frustrating that they didn't do that from the start. It makes you wonder how many people out there are being double dinged like they got 2 bad lines outstanding for the same debt. Many of my negative lines are duplicates of the same debt.
10-30-2012 04:45 PM
Of course they drop it, they do a pretty good job of it too.
10-31-2012 05:29 AM
but that's not fair!
Sadly its the way the game works.
However your forgetting that quite a few OC don't report (utilitiy companies) and then there are quite a few CA that will delete once the account is paid off.
Granted there are also bottom feeders.
But I look at it this way - if I mess up either on purpose or by accident there is punishment for my actions and choices. That is no different than someone who commits a crime. If I went and car jacked some old lady and then got arressted and her car was returned to her literally 5 hours later should that mean that I only go to jail for 5 hours?
Not exactly the same situation but I've looked at my punishment for spending more than I could afford as my bad credit report. NOW to prove I'm transformed and a better 'citizen' of the credit world, I've worked hard to clean up my reports, be on time, not over-extend myself so that if there is a "whoops" in my life I don't have to pay via my credit report. That doesn't stop me from trying to get out on parole though and I have been working very hard to get stuff removed.
10-31-2012 05:38 AM
but that's not fair!
I must know why you believe it's not fair. Would you mind?