12-29-2012 07:15 AM
Every month Portfolio recovery updates my collection item, but changes the name of the original creditor:
1/2012 - 01 Hsbc Bank Nevada N A
2/2012 - Hsbc Bank Nevada N A
3/2012 - 01 Hsbc Bank Nevada N A
4/2012 - Hsbc Bank Nevada N A
5/2012 - 01 Hsbc Bank Nevada N A
6/2012 - Hsbc Bank Nevada N A
7/2012 - 01 Hsbc Bank Nevada N A
8/2012 - Hsbc Bank Nevada N A
9/2012 - 01 Hsbc Bank Nevada N A
10/2012 - Hsbc Bank Nevada N A
11/2012 - 01 Hsbc Bank Nevada N A
12/2012 - Hsbc Bank Nevada N A
They are doing this deliberately to imply a new collection each month. Am I correct or just being paranoid?
12-29-2012 07:22 AM
That is illegal for them to do that. You should file a complaint with your States Attorney General. I live in IL and Portfolio has been sued here by our States Attorney General and it looks like they will be losing there business license soon. I would also dispute to the CB's what they are doing.
12-29-2012 08:55 AM
OK... that is strange. I've not seen that before. I don't see how it would change anything on your report though. But there does seem to be something hinky with that.
12-29-2012 10:11 AM
If reported under the same collection, it would not imply a new collection.
Having no idea what distinction is implied by addition of the 01 in alternating months, it does look strange. I dont see enough explanation to conclude that they are intentionally reported two different OCs.
Is the OC also reporting to the CRA, and if so, are they reporting a current balance?
Stated differently, does the OC still own the debt, making the debt collector only an assigned agent of the OC?
Are they also changing any other reporting, such as the DOFD?
12-29-2012 10:24 AM - edited 12-29-2012 10:25 AM
It must be doing something because here is what my transunion change report shows each month:
only lines changed are Original Creditor and Date Reported.
12-29-2012 02:16 PM
original creditor shows charge off in 2010, zero balance, notation that debt sold.
Portfolio bought in 2011 and is reporting on transunion as collection agency. they change name of creditor each month to put a 01 in front of name, then remove it next month. I get credit alerts each month that a new collection has been posted.
12-29-2012 02:54 PM - edited 12-29-2012 02:56 PM
I would bet that they are still under the same contract with the same creditor, which would make it clear that no new creditor is involved.
Thus, to report in a way to lead the consumer to believe that a new collection is involved each month would clearly be deceptive.
Particularly if the CRA is also confused, and treating as a new collection. That has adverse impact on others reading the CR.
I dont think a judge would view such tactics very favorably.
However, what they are gaining is unclear to me. The exclusion of ANY reported collection is based solely on DOFD, so no issue of extending the reporting of a collection arises.
If they truly consider it a new collection, why are they reporting under the same collection account with the CRA, and not as a new collection?
01-05-2013 11:55 AM
no, they are a junk debt buyer of an old orchard cc. each month, they change the name by adding or removing "01-" in front of original creditor name. not sure if they delete and add, or just update, but each month it looks like a new collection.
on my EQ and EX reports, they report it as a new installment loan in collections. SOL expires in 55 days and when it does, I am pulling out the big guns on this bottom feeder.
04-10-2013 05:51 AM
one for the little guy.
Portfolio removed entries on all reports after I sent them 2 letters.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO