Epic Contributor
Posts: 23,357
Registered: ‎03-19-2007
Re: Big Unpaid Repo ?

Yes, if the OC has sold the debt, they are required to report a timely update of your credit file to show $0 debt balance owed to them.


How does your CR show that the debt collector now owns the debt?  An assigned debt collector reports the amount under their collection, which may or may not be debt they own.

At that point, both can properly report a balance.


The problem faced at this point is that you now have two different derogs reported on the same debt.... one, the reporting of the repo by the OC, and two, the reporting of the collection on the unpaid debt.  Being reported by different parties, each can only agree to delete their own reporting.


Which derog is your primary focus for deletion?  If it is the repo, then the OC is the party to address.  If the collection, it would be the debt collector.

Payment in exchange for deletion could not be offered to the OC if they have sold the debt.