Who owns the debt?

[Anonymous]

If the OC and a CA are both reporting an account on a CR, but the OC balance is $0, does that mean that the OC or the CA owns the debt? Thanks!

[golfingmama]

If you look under the "description" of the account, you may see some notes or comments from the OC.

For example:

Descriptions [?]

• Consumer disputes this account information
• Account transferred or sold

If the OC sold the debt to another agency, the balance (I believe) must be reported as $0. The CA can report the current amount due.

if the OC reports $0, they DO NOT own the debt. 

[Anonymous]

So if I want to try and PIF for a PFD I should call the collection acency and not Capital One b/c they no longer own the debt?

If so, why is Capital One still reporting on my CR?

And another thing is that Capital One is reporting 2 separate accounts, but I've only had one account with them. One of them says that it is a negitive account that was sold to CA and the other says that it is in good standing with a $0 balance and no lates within the past 7 years. Wierd huh?

Thanks!

[llecs]

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@Anonymous wrote:

So if I want to try and PIF for a PFD I should call the collection acency and not Capital One b/c they no longer own the debt?

If so, why is Capital One still reporting on my CR?

And another thing is that Capital One is reporting 2 separate accounts, but I've only had one account with them. One of them says that it is a negitive account that was sold to CA and the other says that it is in good standing with a $0 balance and no lates within the past 7 years. Wierd huh?

Thanks!

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If the OC is reporting $0, your only option is to send them a GW.

If the CA is reporting a balance and the OC $0, then very likely the CA owns the debt as mentioned. In that case, you would still send the OC a GW and the CA you'd send a DV. If they verify and you agree, then fire off a PFD.

If an OC sells the debt, they'll keep reporting but with a $0 balance and the lates would stop. It's just like consolidating a loan. Both the original lender and the new lender would report, but only one would show a balance.

Sounds like CapOne is reporting the second TL in error. I wouldn't touch it if reporting in error. At some point, if not already, it'll help your length of history. Also, good dilutes the bad. I'd especially would not touch it if reporting monthly or reporting a CL.

[Anonymous]

Thank you very much!