Rebuilding Your Credit

[Mistakes]

I have a Charge-off from HSBC that is being reported on my credit reports by both HSBC and the Collections Company that now owns  the account. I'd like to pay if off, who do I contact?  Can they both  report the same account?  What should I do?

[guiness56]

Yes, they can both report it.

If the CA owns the account you would need to contact them.  Are you sure they own it?

[pizzadude]

Yes, both the OC ( HSBC ) and the CA ( Collections ) can report this on your CR.   When an account is sent to collections, the CA becomes authorized to collect from you, either on behalf of the CA, or as the actual owner of the debt.

I'd start with the CA and offer them a PFD, such that if you pay the account is removed from your CR.   You can also try sending GW letters to HSBC requesting them to delete the negatives from your CR.

[Mistakes]

Thank you everyone!  I'm going to send them a PFD and a GW to the OC.

[pizzadude]

 HSBC is generally not friendly to GW, but It's worth a shot ~ check around on the forums, occasionally some people will have contact info that is helpful.....

[jrodzmc09]

I have something like that going on right now, but would like more advise from the experts. I just got off the phone with HSBC Recovery Dept. because the collection is on my credit report from HSBC. On the comments it says it has been sold off, but why does it still have HSBC as the collection agency? I tried to work off a PFD, but HSBC says it cannot remove nothing. The CA is the one that will be able to remove the negative information whenever they get paid. Can someone clear me up on this information I just received? Thanks.

[rckstrscott]

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jrodzmc09 wrote:

I have something like that going on right now, but would like more advise from the experts. I just got off the phone with HSBC Recovery Dept. because the collection is on my credit report from HSBC. On the comments it says it has been sold off, but why does it still have HSBC as the collection agency? I tried to work off a PFD, but HSBC says it cannot remove nothing. The CA is the one that will be able to remove the negative information whenever they get paid. Can someone clear me up on this information I just received? Thanks.

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Sounds to me you got incorrect or incomplete information.. HSBC is not a collection company. The listing you are seeing is probabaly a charge off, which is negative and grouped in with collections on lots of consumer reports.

HSBC likely charged off, and sold the account. On your report does the HSBC account show a balance? If they balance is 0, someone else owns it..

If someone else owns it, they cannot do anything to remove that HSBC negative information, only HSBC can do that, and likely won't as well.

If someone else ISN'T reporting, that means a collection company has it and hasn't reported it yer..

-scott

[jrodzmc09]

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rckstrscott wrote:

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jrodzmc09 wrote:

I have something like that going on right now, but would like more advise from the experts. I just got off the phone with HSBC Recovery Dept. because the collection is on my credit report from HSBC. On the comments it says it has been sold off, but why does it still have HSBC as the collection agency? I tried to work off a PFD, but HSBC says it cannot remove nothing. The CA is the one that will be able to remove the negative information whenever they get paid. Can someone clear me up on this information I just received? Thanks.

---

Sounds to me you got incorrect or incomplete information.. HSBC is not a collection company. The listing you are seeing is probabaly a charge off, which is negative and grouped in with collections on lots of consumer reports.

HSBC likely charged off, and sold the account. On your report does the HSBC account show a balance? If they balance is 0, someone else owns it..

If someone else owns it, they cannot do anything to remove that HSBC negative information, only HSBC can do that, and likely won't as well.

If someone else ISN'T reporting, that means a collection company has it and hasn't reported it yer..

-scott

---

Thanks for the information. Yes you are right it does have HSBC as a charge-off $0 balance, sold it off to Porffolio Recovery. Just got off the phone with the CA and found out they have another of my bad accounts, a WFNNB account from EXPRESS. She offered settlements that were not bad, but she would not email me or fax me a letter stating that they would delete negative information once debt was paid. What steps should I take? CA says those letters get automatically generated once debt is paid off and that they will only state collection paid, etc. What would be a good follow up? I can contact HSBC again and see who else I can annoy. LOL

[rckstrscott]

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jrodzmc09 wrote:

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rckstrscott wrote:

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jrodzmc09 wrote:

I have something like that going on right now, but would like more advise from the experts. I just got off the phone with HSBC Recovery Dept. because the collection is on my credit report from HSBC. On the comments it says it has been sold off, but why does it still have HSBC as the collection agency? I tried to work off a PFD, but HSBC says it cannot remove nothing. The CA is the one that will be able to remove the negative information whenever they get paid. Can someone clear me up on this information I just received? Thanks.

---

Sounds to me you got incorrect or incomplete information.. HSBC is not a collection company. The listing you are seeing is probabaly a charge off, which is negative and grouped in with collections on lots of consumer reports.

HSBC likely charged off, and sold the account. On your report does the HSBC account show a balance? If they balance is 0, someone else owns it..

If someone else owns it, they cannot do anything to remove that HSBC negative information, only HSBC can do that, and likely won't as well.

If someone else ISN'T reporting, that means a collection company has it and hasn't reported it yer..

-scott

---

Thanks for the information. Yes you are right it does have HSBC as a charge-off $0 balance, sold it off to Porffolio Recovery. Just got off the phone with the CA and found out they have another of my bad accounts, a WFNNB account from EXPRESS. She offered settlements that were not bad, but she would not email me or fax me a letter stating that they would delete negative information once debt was paid. What steps should I take? CA says those letters get automatically generated once debt is paid off and that they will only state collection paid, etc. What would be a good follow up? I can contact HSBC again and see who else I can annoy. LOL

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Well, every scenerio is different..

PRA is hit ot miss with PFDs, but I had luck with them settling an account and then sending a good will letter..

The question is, are either collections showing on your report right now?? I know the HSBC charge of is; but is portfolio showing?? And how old are these?

[jrodzmc09]

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rckstrscott wrote:

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jrodzmc09 wrote:

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rckstrscott wrote:

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jrodzmc09 wrote:

I have something like that going on right now, but would like more advise from the experts. I just got off the phone with HSBC Recovery Dept. because the collection is on my credit report from HSBC. On the comments it says it has been sold off, but why does it still have HSBC as the collection agency? I tried to work off a PFD, but HSBC says it cannot remove nothing. The CA is the one that will be able to remove the negative information whenever they get paid. Can someone clear me up on this information I just received? Thanks.

---

Sounds to me you got incorrect or incomplete information.. HSBC is not a collection company. The listing you are seeing is probabaly a charge off, which is negative and grouped in with collections on lots of consumer reports.

HSBC likely charged off, and sold the account. On your report does the HSBC account show a balance? If they balance is 0, someone else owns it..

If someone else owns it, they cannot do anything to remove that HSBC negative information, only HSBC can do that, and likely won't as well.

If someone else ISN'T reporting, that means a collection company has it and hasn't reported it yer..

-scott

---

Thanks for the information. Yes you are right it does have HSBC as a charge-off $0 balance, sold it off to Porffolio Recovery. Just got off the phone with the CA and found out they have another of my bad accounts, a WFNNB account from EXPRESS. She offered settlements that were not bad, but she would not email me or fax me a letter stating that they would delete negative information once debt was paid. What steps should I take? CA says those letters get automatically generated once debt is paid off and that they will only state collection paid, etc. What would be a good follow up? I can contact HSBC again and see who else I can annoy. LOL

---

Well, every scenerio is different..

PRA is hit ot miss with PFDs, but I had luck with them settling an account and then sending a good will letter..

The question is, are either collections showing on your report right now?? I know the HSBC charge of is; but is portfolio showing?? And how old are these?

---

Thank you once again. HSBC is on as a charge-off $0 balance, but all I see from PRA is an alert of a potentially negative status, but its not on my actual reports. Its still HSBC everywhere. The alert of the potentially neg is for 04/2012. Does it take time for it to move its way over to the actual CR? The actual HSBC looks like was last reported on OCT2010.