topic Re: Original Credit and Collection same account reporting two different CRA in Rebuilding Your Credit

Original Credit and Collection same account reporting two different CRA

Anonymous — Thu, 19 Nov 2015 20:14:33 GMT

I have a collection. The orignal creditor is reporting to TU, payment status unknown, account open, updated 10/31.

Same account, reported by CA, Equifax as late, Closed, Updated 10/31.

what do i do here?

Re: Original Credit and Collection same account reporting two different CRA

Anonymous — Thu, 19 Nov 2015 20:16:16 GMT

@Anonymous wrote:
I have a collection. The orignal creditor is reporting to TU, payment status unknown, account open, updated 10/31.

Same account, reported by CA, Equifax as late, Closed, Updated 10/31.

what do i do here?

Its normal and legal for both the OC and the CA to report.

Re: Original Credit and Collection same account reporting two different CRA

Anonymous — Thu, 19 Nov 2015 20:21:28 GMT

well that hurts.

thank you for the information though.

Re: Original Credit and Collection same account reporting two different CRA

RobertEG — Fri, 20 Nov 2015 00:17:04 GMT

It's essentailly the same as a creditor reporting muliple derogs on their account, or an adfdtional derog reporting in the form of a public record (e.g., a judgment).

Reporting of a collecton is an additionaly reporting that a third party has become involved in the collection on the debt.

It's an additional derog along the road.

It is not duplicate reporting of the debt, in that a debt collector who does not own the debt reports the balance under their autorization to atttempt to collect, and is not reporting of the debt itself.

If a creditor sells the debt to a debt collector, the creditor is required to immediately update their reporting of the debt to show $0, indicating that they no longer own it.

The reporting by a debt collector would then reflect both the balance under their collection and the amount of the debt owed to them.

Only one reporting reflects actual debt ownership,, but a debt collector can report a monetary amount that is only under their collection.