topic Collection Question in Rebuilding Your Credit

Collection Question

Anonymous — Tue, 11 Oct 2011 00:16:42 GMT

I have a collection reporting on my CR and notice the original creditor and collection agency( Asset Acceptance) is both reporting on my CR. Is this possible and/or legal to do? I thought it is suppose to be one or the other.m Any info on this issue is greatly appreciated.

Re: Collection Question

-Cain- — Tue, 11 Oct 2011 00:50:31 GMT

This may be better off in the Rebuilding section, but yes they can both report. They cannot both report a balance though.

Re: Collection Question

Anonymous — Tue, 11 Oct 2011 00:54:36 GMT

I apologize, didn't really notice I posted in the wrong forum and thank you for the info. Mods please move this to the correct section.

Re: Collection Question

MarineVietVet — Tue, 11 Oct 2011 01:40:01 GMT

@Anonymous wrote:
I have a collection reporting on my CR and notice the original creditor and collection agency( Asset Acceptance) is both reporting on my CR. Is this possible and/or legal to do? I thought it is suppose to be one or the other.m Any info on this issue is greatly appreciated.

It's legal for both to report. Does the OC show a balance still owed? If so then they have just assigned the account to a CA but still own it. If the OC shows a zero balance then they have sold the account outright. Or at least that's how it's supposed to work.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Collection Question

Anonymous — Tue, 11 Oct 2011 17:32:51 GMT

Yes the OC balance show zero and balance is showing up on the CA only. Under EX the OC show Payment status "charge-off" "transder to another lender or claim purchased" and TU show Payment staus "Payment after charge-off/collection". Is this okay, I am really puzzel.

Re: Collection Question

Anonymous — Tue, 11 Oct 2011 23:25:54 GMT

bump for help?

Re: Collection Question

LIGHTNIN — Wed, 12 Oct 2011 00:27:14 GMT

@Anonymous wrote:
Yes the OC balance show zero and balance is showing up on the CA only. Under EX the OC show Payment status "charge-off" "transder to another lender or claim purchased" and TU show Payment staus "Payment after charge-off/collection". Is this okay, I am really puzzel.

EX shows "transfer to another lender or claim purchased" and TU shows "Payments after charge-off/collection"

TU and EX is saying, the debt was sold to a CA.

When a OC sells a debt to a CA, the OC changes the balance to $0.

Yes,I know it seems unfair....but its legal for both the OC and the CA to report.

You can try to use a PFD letter, to get CA to delete. Some CA's accepts PFD's and others do not.

A CA reporting on a CR can really ding a credit score. A recent CA can hurt a CS as much as 80-90 pts. Hope this info helps

Re: Collection Question

Anonymous — Wed, 12 Oct 2011 00:33:52 GMT

Thanks for the answer. This is what I am looking for.

I did call and try to get them to d a PFD and they did not budge. They said that the OC did not allow this on their account. Which I did not understand. Since the account was sold to them.

This collection account was in 2005 and is ready to far off in June 2012. I just recently got approved for AMEX Green and Chase Ink Business Cash so i don't think this really affected me since it been 6 years. I really hope this collection is worth much as you said cause when it fall off my CRmy score then will be in the mid 700.

Thank you for the answer.

Re: Collection Question

LIGHTNIN — Wed, 12 Oct 2011 00:50:03 GMT

Sorry to get your hopes up, but it's a recent debt hurts by 80pts.

Then as the debt ages, it hurts your score less and less as time goes on.

IME, when a CA drops off my CR, I seen no score jump.

Re: Collection Question

Anonymous — Wed, 12 Oct 2011 01:26:14 GMT

Shoot, but it's okay as long as it's off my CR. Thanks again.