Portfolio Recovey question

[guiness56]

Go by the one directly from EQ they are the most accurate as they are directly from the CRAs.  The other one just pulls information from EQ and may be formatted differently.

When in doubt always use the actual CRA for a report.

[DaBears]

Ok, will do from now on. Thanks everyone!!!

[RobertEG]

The FDCPA draws a clear distinction as to whether a party who purchases a debt is a "debt collector" based upon whether or not the debt was in default at the time of their purchase.  State laws may provide additional definitions that further restrict, provided they are not contrary to this general definition:

"FDCPA 803(6)

The term "debt collector" means any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owned by or due another.........

The term does not include- ....

(F)(iii)  any person collecting or attempting to collect any debt owed or due or asserted to be owed or due another to the extend that such activity concerns a debt which was not in default at the time it was obtained by such person "

[SusieQ]

This is how they are listed on my EQ report:

Portfolio Recovery Associates

Account Number   HSBC -404550399XXXXXX

Date Opened - 04/25/2011

High Credit - $2,201
Credit Limit -
Term Duration -

Terms Frequency -

Months Revd - 14

Activity Designator -

Creditor Classification -

Date Reported - 1/11/2013

Balance Amount - $2,201

Amount Past Due - $2,201

Date of Last Payment -

Actual Paymnt Amount - $63

Scheduled Payment Amount -

Date of 1st Delinquency - 04/2010

Date of Last Activity -

Date Mj. Del 1st Rptd - 09/2011

Charge Off Amount -

Deferred Pay Start Date -

Balloon Pay Start Date -

Balloon Pay Date -

Date Closed -

Status - Collection Account; Type of Account - Open; Type of Loan - Debt Buyer Account; Whose Account - Individual Account

Account History with Status Codes

                      11/2012      09/2012
                             G                G

So it is reported as an another open account, and to add insult to injury they are now reporting it in collection!

[guiness56]

It is a collections because Portfolio is a CA.

The date opened is the date the CA acquired the debt and nothing more.  No impact on your score.

The type of account as open is how a CA is supposed to report.  It is open with them and does not mean an open ended account.

It looks like they just reported the OC account and I don't think they can do that.  I could be wrong.

You can't have a past due amount with a CA.

And it isn't a loan.

[SusieQ]

actually, not true.  it is being counted as an open account.

Just checked my last fico report for EQ:

           - under collections it says - "You have no collections."

           - it is listed under Accounts with my other accounts, shows a balance and is "120+ past due"

           - under the actual account it shows 2x 90+ days late - Sept 2012 and Nov 2012.

So, they are reporting it as another account, not as a collection agency, AND are dinging me for late payments.

On my TU, it is reported as a straight collection account.

On my Experian - it is reported similar to EQ, but with the added bonus of status of "Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department"

I cannot wait to deal with these bottom feeders in 14 day when SOL expires!

[guiness56]

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@SusieQ wrote:

actually, not true.  it is being counted as an open account.

Just checked my last fico report for EQ:

           - under collections it says - "You have no collections."

           - it is listed under Accounts with my other accounts, shows a balance and is "120+ past due"

           - under the actual account it shows 2x 90+ days late - Sept 2012 and Nov 2012.

So, they are reporting it as another account, not as a collection agency, AND are dinging me for late payments.

On my TU, it is reported as a straight collection account.

On my Experian - it is reported similar to EQ, but with the added bonus of status of "Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department"

I cannot wait to deal with these bottom feeders in 14 day when SOL expires!

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Then they are reporting incorrectly.  Period.  A CA account cannot reflect as an account, it is a collection.  I see many violations in their reporting.  They also cannot report lates, they cannot report it as a loan.

[Shogun]

That TL is being reported as an OC account.

[guiness56]

Yes, it is.  With Portfolio listed at the top.