topic Re: Is this legal? What should I do first? in Rebuilding Your Credit

Is this legal? What should I do first?

sbeasl11 — Tue, 04 Sep 2012 17:42:13 GMT

One account...3 headaches.

OC was Lane Bryant.

This ONE account is listed 3 times under "accounts"

1. Lane Bryant -0 Balance-account transfered or sold

2. WFNNB/LNBR - 0 Balance- account transfered or sold

3.AAC - $325 - 120+ Days Past Due - collection account

So I have never received ANYTHING from Asset Acceptance. DOLA was 07/09. They listed the account type as "open" Can they report me 120+ late. Should I disput the other accounts as duplicates? OC doesn't own the account so I can't PFD. It seems they have passed the SOL for my state. Advice, anyone??

Re: Is this legal? What should I do first?

Shogun — Tue, 04 Sep 2012 17:45:16 GMT

Actually since it's listing as $0 balance it looks OK to me.

Re: Is this legal? What should I do first?

Shogun — Tue, 04 Sep 2012 17:46:45 GMT

@Shogun wrote:
Actually since it's listing as $0 balance it looks OK to me.

To clear that up, you only have one reporting the balance, that would be the CA, however posting the 120 day late I believe is wrong, it should just say Collection. They shouldn't be putting KDs monthly on the account.

Re: Is this legal? What should I do first?

sbeasl11 — Tue, 04 Sep 2012 18:10:06 GMT

Well, they (AAC)are putting KD on my EX report for a year now. What should I do?

I have the USAA monitoring & AAC shows as closed acct on EX & EQ, but open on TU. So confused about this.

How can it be ok that one account is listed as a duplicate?

Re: Is this legal? What should I do first?

Shogun — Tue, 04 Sep 2012 19:46:13 GMT

It's not showing as a duplicate. It's showing as sold.

Re: Is this legal? What should I do first?

sbeasl11 — Tue, 04 Sep 2012 20:08:36 GMT

I guess I'm just not understanding you. Yes, the OC sold it to the CA.

My report should show Lane Bryant as the OC and AAC as the CA.

WFNNB/Lnbr and Lane Bryant have the exact same account numbers and dates/amounts, therefore it is a duplicate account.

That is the only account I ever had with WFNNB.

2 CRA report correctly. It is a duplicate only on that one CRA.

What should I do about the CA (AAC) reporting KD monthly?

Thanks for the responses. I am very new to this & trying to understand.

Re: Is this legal? What should I do first?

RobertEG — Tue, 04 Sep 2012 20:40:10 GMT

Apparently, the OC sold the debt, so they report a $0 debt owed to them.

The purchasing party, if they also sold it, is then obligated to also update their reporting to accurately report that no debt is currently owed to them.

If a debt collector purchased the debt, they have the authority to report a collection to the CRA. The amount they report is both the amount of debt owed to them and the amount they are authorized to collect upon. If they subsequently sell the debt to another debt collector, they must close their collection and report a $0 balance.

However, that does not require them to delete the reported collection, as it still reflects the fact of their collection on the debt while they had that authority.

It is not improper for the same debt to result in reporting by both an OC and one or more debt collectors. They reflect different information on the history of the debt.

All collections have a status of Open while they retain collection authority. Often, the prior delinquency status on the OC account will find its way into your CR, making it appear that you had a delinquency with the debt collector. That is not, in fact, what it means. It refers to the OC account history.

Re: Is this legal? What should I do first?

mtrsprt — Wed, 05 Sep 2012 08:35:06 GMT

Asset Acceptance..... Good luck.. Worst crooks ever....

Re: Is this legal? What should I do first?

nicholasyud — Wed, 05 Sep 2012 16:00:23 GMT

@Shogun wrote:
Actually since it's listing as $0 balance it looks OK to me.

Are they still hurt your score when they report $0 balance as a charge off account ?