topic Assigned to CA vs Sold in Rebuilding Your Credit

Assigned to CA vs Sold

FicoJordan — Tue, 12 Mar 2013 17:35:49 GMT

Hello,

This is probably a dumb question but, I am in the process of sending a PFD to a CA and am confused. What is the difference between : "Account assigned to collection agency" vs "Sold"?

A CA is reporting a debt as "Assigned to attorney, collection agency or internal collection department.

If a CA is only "assigned" to collect a debt as opposed to owning the account, will they accept any settlements?

Re: Assigned to CA vs Sold

Anonymous — Tue, 12 Mar 2013 17:39:08 GMT

No dumb questions on this forum.

Assigned means they do not own it, the OC does. Sold would mean the CA owned the debt. It does not make them the OC they just bought a delinquent debt.

If the CA is assigned the debt it would be dependent upon the contract with the OC as to whether they can accept a settlement. Sometimes they can, sometimes they would need to ask permission from the OC.

Re: Assigned to CA vs Sold

FicoJordan — Tue, 12 Mar 2013 17:54:53 GMT

I see so does that mean I can send send a pfd to the OC? Instead of the CA?

Re: Assigned to CA vs Sold

Anonymous — Tue, 12 Mar 2013 17:56:32 GMT

You can certainly try. However, once assigned to a CA some OCs will not even talk to you. If you send it to them they may just turn around and send it to the CA.

You can always call the OC and see what they say.

Is the OC reporting along with the CA?

Re: Assigned to CA vs Sold

FicoJordan — Tue, 12 Mar 2013 18:03:36 GMT

No just the CA is...ok I will try with the CA, then with the OC

Re: Assigned to CA vs Sold

Anonymous — Tue, 12 Mar 2013 18:04:53 GMT

You send the PFD to who is reporting. Since it is the CA that is the only one who can delete their TL.

Re: Assigned to CA vs Sold

FicoJordan — Tue, 12 Mar 2013 18:27:01 GMT

Thanks Guiness

just to be sure here is how it reads on my equifax:

Collection on debt to:

08 Capital One Bank

The collection agency "Assoc Crdit" was hired to collect a debt of $xxx originally owed to "Capital One Bank" on account number "XXXXXXX

In this case the OC isCapital One Bank and the CA is Assoc Crdt. Which one is reporting?

Re: Assigned to CA vs Sold

RobertEG — Tue, 12 Mar 2013 18:49:17 GMT

As for credit reporting significance, if the report shows that the debt collector is the owner, then any update to show $0 balance informs others that the debt was satisfied.

However, if the debt collector is only an assignee, and not the owner, then an update to $0 only informs others that they are no longer collecting on the debt.

It does not necessarily represent a statement that the debt was satisfied.

Satisfaction of the debt itself would then be shown by reporting of the OC of $0 balance on their account with you.

Re: Assigned to CA vs Sold

Anonymous — Tue, 12 Mar 2013 18:51:34 GMT

The CA is reporting.

There could be another TL with Cap 1. They usually do report.

Re: Assigned to CA vs Sold

FicoJordan — Tue, 12 Mar 2013 18:55:28 GMT

Thanks

Re: Assigned to CA vs Sold

FicoJordan — Tue, 12 Mar 2013 19:01:41 GMT

Final Question:

So from what im getting from your answers the CA would be the one I would write a PFD for. . I asked in another thread about sending a PFD to an executive contact of this CA. Ive seen a couple of PFD samples on here and all of them seem a little harsh.

Would being demanding, straight-to-the-point, or quoting FCRA guidelines a good idea when it comes to dealing with a ceo or vp? Shouldn't I be a little softer?

(ok 2 questions)

Re: Assigned to CA vs Sold

Anonymous — Tue, 12 Mar 2013 19:05:01 GMT

Yes, do not use those PFD letters. They come across harsh, demanding and threatening. No way would you demand a timeline for something you are asking a favor for.

A PFD is a type of GW so definitely be a little softer.

You may also want to include something along the lines of: I do not acknowledge nor dispute account #_____. But in the spirit of compromise.......

Re: Assigned to CA vs Sold

FicoJordan — Tue, 12 Mar 2013 19:15:59 GMT

ok thanks again. Will look into sending them something this afternoon. Wish me luck and I will keep you posted.

Re: Assigned to CA vs Sold

Anonymous — Tue, 12 Mar 2013 19:17:33 GMT

Good luck and yes, let us know the outcome.

By the way, if they say no the first time, keep sending them. You may get 100 nos, but it only takes 1 yes.

Re: Assigned to CA vs Sold

FicoJordan — Wed, 13 Mar 2013 16:48:36 GMT

Would paying it show up as a new debt and bring my scre down?

Re: Assigned to CA vs Sold

Shogun — Wed, 13 Mar 2013 16:50:53 GMT

Paying an old debt should never lower your score. However, it sometimes does depending on how it updates. If it hasn't been updated in a few years and suddenly does, it looks newer. However the paying of the debt is always a good thing in my opinion. It removes problems that can arise down the road.

Re: Assigned to CA vs Sold

Anonymous — Wed, 13 Mar 2013 16:52:34 GMT

No, not a new debt. If they don't delete it could possibly update and drop your score. Sometimes it does, others it doesn't.

If you get a PFD, they will delete the TL and your score should go up, depending on other things on your CR.