Pinnacle Reporting a 5 YO cell bill as Open factoring Co. that is 120 days past due.

[Sxott]

Does this seem right? They are not sitting on the collections side of my reports. I think this is hurting my score because it being displayed as a 120 days past due.

[SLR72689]

Midland is reporting the same way on my CR.

[RobertEG]

Reporting their business type as a factoring company is their perogative.  That alone is not inappropriate.

Was the account delinquent when they acquired it, or did it become delinquent after their purchase?

Is the reporting of a 120-late referencing a status of the OC account, or is it being reported as a delinquency that occured based on a billing statement sent by them?

[guiness56]

---

@RobertEG wrote:

Reporting their business type as a factoring company is their perogative.  That alone is not inappropriate.

Was the account delinquent when they acquired it, or did it become delinquent after their purchase?

Is the reporting of a 120-late referencing a status of the OC account, or is it being reported as a delinquency that occured based on a billing statement sent by them?

---

CAs don't send billing statements.  The account would have had to be delinquent before it was sent to a CA.

[fancypants7]

I have the same thing with Another factoring company. One one report they are even listed in the installments section and this is for a seven-year-old last electricity bill.

[chevyman]

LVNV is reporting last delinquency is 2/ 13 they bought the charge of in 2010

[guiness56]

---

@fancypants7 wrote:
I have the same thing with Another factoring company. One one report they are even listed in the installments section and this is for a seven-year-old last electricity bill.

---

Can you cut and paste the TL.  But, start another thread to do it.

[RobertEG]

The purpose of my questions is that if the account was purchased when not in default, then the purchaser is not a debt collector under the statute.  FDCPA 803(6)(F)(iii).

Factors traditionally purchase accounts receivalble from a creditor that are in good-standing, and then take over as owner, and can then of course send billing statements to collect on their account.  However, if the account was delinquent at time of purchase, then the purchaser would be a debt collector.

The OP stated that it is not showing as a collection.  Thus, prior to determining the accuracy of their reporting, it must be determined whether their reporting is that of a debt collector.

[chevyman]

One person reported lvnv to the SC BBB for the way the collection was reported as an installment

[guiness56]

---

@RobertEG wrote:

The purpose of my questions is that if the account was purchased when not in default, then the purchaser is not a debt collector under the statute.  FDCPA 803(6)(F)(iii).

Factors traditionally purchase accounts receivalble from a creditor that are in good-standing, and then take over as owner, and can then of course send billing statements to collect on their account.  However, if the account was delinquent at time of purchase, then the purchaser would be a debt collector.

Thus, prior to determining the accuracy of their reporting, it must be determined whether their reporting is that of a debt collector.

---

I knew what you were getting at.  However, a factoring company and a debt buyer are one and the same under the reporting guide.