topic Re: beware of collection accounts reporting as a Open TYPE Tradeline in Rebuilding Your Credit

beware of collection accounts reporting as a Open TYPE Tradeline

Anonymous — Fri, 29 May 2015 17:11:46 GMT

Asset Acceptance is not the first or last Debt Collector to do this, but they will be my last. In trying to understand why my report says that I have a current collection account, I ordered all credit reports and did some digging.

Because debt collectors do not extend credit, I tried to understand why they are listed in the other accounts sections of my report, with a status of collection.

Everyone should understand that the way data is stored in the cra's database, having a tradeline that is a collection is impactful, but even more damaging if they actually say it an "open non revolving' retail account, with a status of collection account.

These accounts don't show up in the collections section of your credit report, but will display as a negative account.

I am in the process of re disputing all of the cra's...because it's both illegal and against all governing rules for AA and the CRA's to do this.

Anyone else ever resolve this issue? Account is from 09, but still shows up as an active unpaid collection.

Re: beware of collection accounts reporting as a Open TYPE Tradeline

Shann0n_marie — Sat, 30 May 2015 02:39:41 GMT

I believe I have the same issue and was thinking it was reporting incorrectly because it reports to my revolving tradeline area instead of in collections -- I've actually PAID it off and am waiting for them to update it to PAID because they update the account monthly as past due and it's killing my score.

Here is a pic of how my Verizon collection reports. I'm interested in the outcome of your dispute... I wonder if I can get the reporting fixed... or better yet deleted for inaccurate reporting because Verizon would not do a PFD and from what I've read, I'm not going to have any luck with GW request either.

Re: beware of collection accounts reporting as a Open TYPE Tradeline

kittywitty — Sat, 30 May 2015 03:41:22 GMT

portfolio recovery does this shady reporting. very long thread on here about them and what to do about it. very sneaky they report as open acct in collections instead of a collection acct. the law says at no time does a collection agency become a lender so this type of reporting is not legal.

Re: beware of collection accounts reporting as a Open TYPE Tradeline

nate79416 — Sat, 30 May 2015 03:55:03 GMT

what if its unpaid?

Re: beware of collection accounts reporting as a Open TYPE Tradeline

Anonymous — Sat, 30 May 2015 03:55:32 GMT

Yup. Got PR to remove my HSBC collection this week. With the recent 85 million jury award against them, I believe they might be looking very carefully at how they've been doing business. I believe it helped me.

Re: beware of collection accounts reporting as a Open TYPE Tradeline

kittywitty — Sat, 30 May 2015 03:58:49 GMT

doesn't matter if it is paid or not. at no time does a collection agency become a lender period. OC needs to report zero balance when they sell it and the collection agency needs to report in the collection agency dept not as an open tradeline that is in collection.

Re: beware of collection accounts reporting as a Open TYPE Tradeline

nate79416 — Sat, 30 May 2015 04:24:35 GMT

Did you file BBB, or who?

Re: beware of collection accounts reporting as a Open TYPE Tradeline

nate79416 — Sat, 30 May 2015 04:30:34 GMT

wow and I also have old medical bills reporting that way

Re: beware of collection accounts reporting as a Open TYPE Tradeline

Anonymous — Sat, 30 May 2015 04:30:49 GMT

Nate, not sure your question was directed at me, but I did not file any complaints with BBB or anyone else. I simply emailed PR 3 times over 5 days and requested deletion as I don't believe the HSBC account belonged to me. I never received a single reply, but today I received alerts stating this account has been removed from my CR's. This was due to be removed within 12 month's anyway and was beyond SOL, but it sure was a nice surprise.

Re: beware of collection accounts reporting as a Open TYPE Tradeline

kittywitty — Sat, 30 May 2015 04:54:08 GMT

i totally flipped out on upper level mgmt at PRC was an old man kinda sounded like their attorney. i went through several people to get to that man and i really let him have it and they removed the acct completely. then the orginal creditor ge capital/toysrus changed from paid charged off to debt skip. i did a digital application for the card and they had a spot for me to inital agreeing to such illegal collection activity but that doesn't make it legal either. so basically OC is just as quility as PRC but they want to claim we sold the account we didn't do anything illegal bla bla bla

Re: beware of collection accounts reporting as a Open TYPE Tradeline

RobertEG — Sat, 30 May 2015 08:38:53 GMT

An OC can report that they have referred the debt for internal collection or to a third party debt collector.

All creditors can continue internal collection of their own debts. They are not a debt collector is their collection is being done under their own name.

A collection is the reporting by a third party of their authority to collect on a debt that was incurred with another.

OCs are not debt collectors, and dont report collections. They report only that they have referred for collection, internally or externally.

That is NOT considered the reporting of a colleciton by a debt collector.

The posted CR that shows an OC account of Verizon that referecnes collection is not the reporting by a debt collector, and is not stored and shown under "Collections."

It is the same OC account, and is not inaccurate reporting.

The CRAs retain credtor accounts ("trade lines") in what is called the base segment of the consumer's credit file, and reportings by third party debt collectors are retained under what is called the K-segment of the consumer's file. They are entirely separate, and K-segments are collections, not trade lines.

While the OP did not provide the actual copy of the credit report that is asserted to be inaccurate reporting, an open creditor account is not considered a collection.

I am unsre if there is actually any improper repporting in the scenarios being discoussed.

Re: beware of collection accounts reporting as a Open TYPE Tradeline

damnedanddetermined — Sat, 30 May 2015 14:23:56 GMT

RobertEG...is there a statue/law that says a CA cannot report as an OC would as far as showing OPEN on a collection acct? On my PF account, it shows this and it looks like the acct was just opened in 05/2015 instead of it being 5.5 yrs old.

Re: beware of collection accounts reporting as a Open TYPE Tradeline

Shann0n_marie — Sat, 30 May 2015 19:17:30 GMT

@Anonymous wrote:
Yup. Got PR to remove my HSBC collection this week. With the recent 85 million jury award against them, I believe they might be looking very carefully at how they've been doing business. I believe it helped me.

Hi Drew can you pm me info on what you did? I have a HSBC with Portfokio that is updating monthly like revolving as well!

Re: beware of collection accounts reporting as a Open TYPE Tradeline

Anonymous — Sat, 30 May 2015 23:26:45 GMT

I the original poster, trying to see how to upload to this site? And it is not the OC, it's Asset Acceptance, a debt collector who is doing this shenanigans.

Re: beware of collection accounts reporting as a Open TYPE Tradeline

Anonymous — Sat, 30 May 2015 23:29:14 GMT

Can you point me to this thread?

Re: beware of collection accounts reporting as a Open TYPE Tradeline

kittywitty — Sun, 31 May 2015 01:07:54 GMT

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Portfolio-Recovery-Associates-Deletion-Success/m-p/3924342#M407490

it's 71 pages long so you know this illegal activity is a common practice for this collection agency which is one of the largest collection agency. i would like to know why they are even allowed to continue such actions when it is not legal. nothing fair about credit reporting in my opinion.

Beware of collections (NOT OC) showing up on Credit Reports as a OPEN Credit Type - Part 2

Anonymous — Sun, 31 May 2015 01:39:51 GMT

I posted previously about my experience with Asset Acceptance (Debt Buyer/Collector) and the three Major CRS's. After trying in vain for months to dispute an item on my credit report, I decided to use my technical experience, to decipher the values populated on my report.

I am hoping to share my experience, to help other fight back and share this knowledge - because I was unable to find ANY documentation to assist me during my credit rehab journey.This scenario is for Debt Collections only, and for actual collection accounts NO longer held at the OC that have been sold to a collection company. These accounts, as we all should know - may appear in addition to the OC accounts, but - should be noted as a COLLECTION account. The problem is - that the debt collectors are masquerading on reports (I believe) with the intent of having the biggest impact on your scores, and also illegally (I believe).

I subscribe to all three monitoring services - and also now order and request my report printed as often as I can. I was struggling to understand why potential creditors were at times denying me for credit - saying that I have a serious delinquent account on file, and I didn't see any open delinquent reports that were glaring at me. I assumed that the one BOA Charged off account, that subsequently went to Asset Acceptance - was correct, as I saw a status of Collection Account, and just accepted it. because it was 5 years old and PIF.

However one day, when I spoke to Experian and attempted to dispute this item because it showed a "C" (Collection) in the payment status for 2015 - I decided to do more digging, and understand what I was looking at. I pulled all three reports (printed and not online, as the online versions at times masks the details you truly need to look at) and went to work trying to figure it out.

I have a 1 BOA Account in Charge Off Status - balance 0 (OC) since 2010
This account was sold to Asset Acceptamce (Deb Collector - reflected reported blance)
This is the ONLY negatie data on my report

Asset Acceptance is a debt buyer/collector, and simply cannot extend credit to any one. The first problem was that they were in my "OTHER" accounts section of my Equifax (the one slated for "NON REVOLVING" accounts like (AMEX with no PRL, and utility companies) report - and not in the "Collections" section. No one could explain at the CRA - except to say that "Collections" was for medical accounts only - which we all should know is bull&*^%. Then I started looking at the DATA itself - and began to think of why and how.

Its showing up on the report and it does say collection in its status, but why is it THERE?

Accept Acceptance, and any other Collection company CANNOT extend credit to anyone
They and any other collection company, CANNOT have a OPEN Credt Type - with anyone.
They should never be reporting ANY "Type of Account", except collections
They cannot -extend credit and therfore should not be identified as a "Collection Account" by a "Payment Status"
I believe, they disguise the data to insert the account into consumer files, to deliberately have the biggest impact on a score possible, an OPEN TYPE of Credit Account - with a Payment Status of "Collection Account", and NO "Closed Date", as this makes it appear as a current account that is and remains unpaid.
These Debt Collectors reported a "Other " "Open - Non Revolving" account as a "Retail" Creditor Classification, and updated the "Date Reported" date, monthly, and with a Payment Status of "Collection Account", and with no "Date Closed" Date
My account was actually PIF, in 2013.
I also had a report with a payment history that displayed "CO" from its inception through the current date, which is NOT possible for a PAID account.
The account will show up in your "Negative Accounts"Secition - BUT ONLY BECAUSE of the "Payment Status".
The Payment status is intended for Credit Grantors Only - with only 7 valid values - too New, 30 days late etc, but that ONE Status = Collection Account is used to hidse what this accounts is truly doing.
These accounts often show up, and are NEVER updated with a closed date - so no matter what you do - it appears as though its still in collectoions and until it ages out.

The ultimate issue is that this was not apparent to me, and I am sure that other people have no clue that this exists in their reports and in this state- or the impact it truly has on consumer reports and scores. We are told that they damage our history - but I honestly believe that all 3 CRA's are aware of these illegal shenanigans, and simply look the other way.

I have disputed directly with Asset Acceptance this week, but I am not willing to let it go there/ I plan on filing a dispute with the CFB - FTC, and whoever else will listen because this activity is playing on the perceived ignorance of consumers. In my original posting - I was hoping to see if any one was successfully at getting this type of account experience, deleted - and still am.

I am new here and would love to post my details to share with all of u, but I am not to sure how this can be done with no insert or PASTE functionality in chrome.

If someone tells me how - I will be glad to. In the interim, look at YOUR PRINTED Credit Report and review the fields in your credit report

Re: beware of collection accounts reporting as a Open TYPE Tradeline

Anonymous — Sun, 31 May 2015 01:59:04 GMT

Thank u....I wish I souls have seen this in 2013.....I am just in awe on how this continues to happen and on purpose.

Re: beware of collection accounts reporting as a Open TYPE Tradeline

kittywitty — Sun, 31 May 2015 02:53:23 GMT

i couldn't replace my car after someone hit and totalled it and this collection agency had alot to do with it along with wells fargo. lenders can do what they want, doesn't have to be fair or accurate. i paid $30,000 for a $20,000 car and i don't even have a right to replace it at a decent interest rate. Ticks me off as i had my 1st job at 15 and had money to put down on a car the day i was old enough to drive but at 43 yrs old i still don't have a right to a decent interest rate. auto manufactors & lenders got bailouts ghee i wonder why they need a bailout maybe they should quit being greedy and unethical and they would have repeat customers. duh!! good luck in your dispute and don't give up.

Re: beware of collection accounts reporting as a Open TYPE Tradeline

nate79416 — Sun, 31 May 2015 02:58:16 GMT

I tried disputing this with PFR and got this response

PRA has neither the authority nor the ability to change the time or manner in which the credit reporting agencies, such as Experian, Equifax and TransUnion, describe or report the information we furnish. Any delay in their reporting of the information and any differences in their descriptions or reporting of the information we furnish - such as their description of the account as a “new collection” or a “revolving account” or their description of PRA as the "Original Lender" -is the responsibility of the credit reporting agencies, not PRA. PRA does not furnish any information to the consumer reporting agencies stating that the account is “late.” Rather, we furnish information identifying ourselves as a Debt Buyer.