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Question before I launch my attack...

tag
ScoreBooster
Frequent Contributor

Question before I launch my attack...

Hi,

 

I have a question about 2 reported accounts:

 

My second mortgage was transferred when it was +120 days past due. It is now reported by the OC as +120 days past due AND by the lender it was transferred to. They report it as "payment after charge-off-collection" (although it was IIB - but they mention that as well). Both accounts are listed with the same opening-date and the same last 4 digits of the account-#.

 

Is this actually allowed? I always thought that only an OC and CA could both report the same account - but two derogatory OCs?

 

I also disputed a collection-agency on a different debt and not only did they verify the debt, the same company is now reporting the same collection TWICE on my Experian-report. What a mess - but on the other hand, that gives me some power to put them under pressure to remove both tradelines...

Message 1 of 4
3 REPLIES 3
scrubs
Regular Contributor

Re: Question before I launch my attack...

its common. many years ago when i default on my montage i had 4 different companies brought and sold and each one show up on my  credit report. just make sure show a zero balance on the first one.

 

 

 

 

 

 

 

 

 

Message 2 of 4
ScoreBooster
Frequent Contributor

Re: Question before I launch my attack...

Thanks for the reply!

 

I can imagine that this happens often - but I still have my doubts it's legal. Both lenders report with the same opening-date, basically saying I had 2 second mortgages at that time. And where is the limit? Does that mean they can transfer 99 times, reporting the same debt as 100 derogatory accounts?

 

And if they sold the mortgage to the new lender, how can the old account still report a CURRENT status of 120+ days past due? I mean, they should report "sold/transferred" as current status since they receiced their money from the new lender.

 

I included this tradeline in my CH7 BK and it was discharged. Not only does the initial lender NOT mention my BK, it also looks like I would still owe them money due to this "current status"-reporting. It is impossible for any scoring-system to figure out that this is the mortgage that reports "IIB" on the account where it was transferred to.

Message 3 of 4
chasmith
Valued Contributor

Re: Question before I launch my attack...

Credit reporting is collection activity, and it is my understanding that on a debt discin BK, any reporting that is not a zero balance, status IIB, with a status date no later than the discharge date, violates the permanent stay of your discharge.  Now the practical matter of obtaining sanctions is tough, but I have used a 623 letter to the OC setting out that position to get it corrected.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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