topic Re: For those with multiple CAs reporting the same debt in General Credit Topics

For those with multiple CAs reporting the same debt

Anonymous — Wed, 13 Feb 2008 18:48:26 GMT

You will have to PM me with you email address I have a pdf document from the CDIA where their guidelines tell them to delete if returned or sold to another CA

Excerpt:

First, please be aware that the industry's Metro 2 guide does have specific instructions when a third party collection account is returned to the original lender or in the case of a debt purchaser, is resold. Specifically, the collection agency or debt purchaser should direct the national credit reporting agency to delete the account from the consumer's file since it is no longer an account for which the company is attempting collection. Following is the information that appears in the Credit Reporting Resource Guide in the collection agency/debt purchaser reporting guidelines section.

Account Status Codes (Base Segment, Field 17A) — report only the following:

93 — Account assigned to internal or external collections

62 — Paid in full, was a collection account

DF — Delete entire account due to confirmed fraud

Collection Agencies must delete accounts that have been canceled and returned to the creditor.

Debt Purchasers/Factoring Companies must delete accounts that have been forwarded or sold to another entity.

Re: For those with multiple CAs reporting the same debt

Anonymous — Fri, 15 Feb 2008 20:31:25 GMT

Hi, I would like a copy of the laws on multiple listings for one account. Just let me know how to leave you my email without posting it on the forum for everyone to see. Thanks.

Re: For those with multiple CAs reporting the same debt

bott6698 — Fri, 15 Feb 2008 21:06:51 GMT

Does this mean if we pay off an OC that the CA would have to delete all their files from CRA or am I misreading this???

Re: For those with multiple CAs reporting the same debt

Anonymous — Fri, 15 Feb 2008 21:11:15 GMT

Maybe - if the OC agress to pull the account from the CA and directs them to delete from all CRAs. (a PFD but for both which the OC will never delete theirs more than likeley)

Otherwise - no - both are entitled to report the account 'paid'.

Re: For those with multiple CAs reporting the same debt

Anonymous — Fri, 15 Feb 2008 21:38:42 GMT

A funny little side note. I paid an OC for a small debt the other day because I needed to start new service with them (utility co). I didn't get them to do a PFD or anything, and figured "screw it". So I get a call from the CA yesterday and happily answer it because I want to hear what they have to say about it (i know, i'm ornory that way) so the guy is like "What!? You paid THEM? They are VIOLATION OF THE LAW for accepting payment from you!" and I said "Really? Why, do you OWN the debt?" he says "No, we act as their agent, but our agreement states that they have to refer you to us if you want to pay" and I say "Well, then never even mentioned the account being in collections when I called, and I paid them $78 to get the service started" and he says "What!? Our records show that you owe $102!" And I say "Well, they told me that my amount due was $78 so I paid that" and he says "WELL! We are going to have a SERIOUS discussion with them about this issue." ROFLMAO!!!

Re: For those with multiple CAs reporting the same debt

Anonymous — Fri, 15 Feb 2008 21:54:45 GMT

Lady Scarlet would love to have the information thanks I am floridateacher please leave the message,

Thanks,

Cleaning it up.