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From my understanding the OC and the CA can both report the same account. How is it being reported? HSBC as $0 with a balance due to Portfolio?
Yes, the OC and CA can both report. The CA can be assigned the debt or they can purchase the debt. They can report in either case.
A collection is a separate section of your CR of "seriously delinquent accounts" which the OC has assigned or sold to outside collection companies. Thus, the OC will be under accounts and CA's under collections.
If the OC sold the account, then it should be reported as $0 balance, but "charged off" or "bad debt." If they assigned the debt and still own it, then they will still show a balance.