topic Re: Double Reports on CR in Rebuilding Your Credit

Double Reports on CR

Anonymous — Fri, 15 May 2009 23:59:16 GMT

I have two different collection agencies reporting on the same debt, both closed and with full balance - is this allowed, or does original collection agency need to set balance owed to $0 since they transferred the debt? It does show on the "newer" collection agency account that the other CA is the original debtor.

I also have the same on Tax Liens - the fed posted 2 liens with three different state counties, so I have 6 reports adding up to $60,000!! Worst of it, I did not owe the money, and after I corrected two years ago, I recieved the refund that was due to me. My credit report shows released, but I tried to dispute the liens without luck, and I recently filed a Form 12277 with the IRS to remove with the credit agencies, still waiting to hear. Again, my question is can I have the same debt listed by 3 different sources - the 3 state counties?

Last question - I am trying to buy a house and looking for quickest way to improve score - I need 20 points on one Transunion. Choices, I have two debts that are closed and only total $3000 and over 2 years old; or should I pay the one within year for $600? Or do I most likely need to do both to gain 20 points?

THanks

Re: Double Reports on CR

Anonymous — Sat, 16 May 2009 16:59:34 GMT

Only one CA should show a current balance.

CA #1 "sold" the account to CA #2, if #1 is reported as the creditor. However, the OC should be reported, not the CA #1. Whether the account is sold 100 times, the OC is the original creditor, it is not replaced by a junk debt buyer.

When the OC sold the account, the OC "charged off" the debt, making the balance $0. The CA who bought should report the balance and the OC. If the CA later sells the account, they should report a $0 balance and "tansferred/sold" The new CA should now show the balance, but the OC should not be CA #1.

FYI: You can seek the removal of CA #1. If they have sold the account and no longer are collecting it, then the process of DV and dispute can remove it. Why? Because the only legal reason a CA has to report on your credit is for "the collection of debt." If they are not collecting debt, then they have no real basis. They are not a creditor who legitimately provides "historical" account information. That role rests solely with the OC.

Realistically you should only have the OC and the current CA. Any in between CA's can be removed if you want to take the time and effort to go after them with DV, correct dispute procedures, etc. which are not easy, simple or quick.

Message Edited by txjohn on 05-16-2009 09:59 AM

Re: Double Reports on CR

Anonymous — Sun, 17 May 2009 12:40:02 GMT

oj1963 wrote:
I have two different collection agencies reporting on the same debt, both closed and with full balance - is this allowed, or does original collection agency need to set balance owed to $0 since they transferred the debt? It does show on the "newer" collection agency account that the other CA is the original debtor.

Only 1 CA per account. Is the debt beyond SOL or can you PIF? Do you know which has it now?

I also have the same on Tax Liens - the fed posted 2 liens with three different state counties, so I have 6 reports adding up to $60,000!! Worst of it, I did not owe the money, and after I corrected two years ago, I recieved the refund that was due to me. My credit report shows released, but I tried to dispute the liens without luck, and I recently filed a Form 12277 with the IRS to remove with the credit agencies, still waiting to hear. Again, my question is can I have the same debt listed by 3 different sources - the 3 state counties?

No, they can't double report. I would wait to hear back from the IRS before doing anything.

Last question - I am trying to buy a house and looking for quickest way to improve score - I need 20 points on one Transunion. Choices, I have two debts that are closed and only total $3000 and over 2 years old; or should I pay the one within year for $600? Or do I most likely need to do both to gain 20 points?

Who is reporting them? Are they revolving accounts, installment accounts?

THanks

Re: Double Reports on CR

Anonymous — Sun, 17 May 2009 14:03:35 GMT

Thank you for information. I thought it could not be double reported. I called the Transunion and told them the dispute and they are contacting the CA. The lady at the CRA says the same and says should be reomved. Thanks!

Re: Double Reports on CR

Anonymous — Sun, 17 May 2009 14:17:05 GMT

oj1963 wrote:

Only 1 CA per account. Is the debt beyond SOL or can you PIF? Do you know which has it now?

The debt is beyond SOL as far as state law to collect. But is only 4 yrs old on my credit report. I have the information of both CA's - and the second CA even shows the first CA as original creditor. But they have 2 different collection amounts and account #'s.

No, they can't double report. I would wait to hear back from the IRS before doing anything.

I am currently waiting, the triple report is because the IRS filed the liens with different counties that I lived in during the 4 year dispute. I have tried to use the CRA dispute, but the counties verified as still existing, but released. I really have to get them removed from the counties or, like what I am doing now is try to get the IRS to remove from CR using their 12277 form which I put for reason - Filed prematurely.

Who is reporting them? Are they revolving accounts, installment accounts?

The old debts - 1 is an old credit card I closed that had a balance from 3 years ago. The second second is listed as "other" - it was a signature loan. They sent me settlement letters for 70% off each - so I have opportunity to pay off at lower amount. The $600 is listed twice on my CR - it was a cable bill that I was charged when I moved. It is was a final bill and we did not turn in cable box.

THanks

Re: Double Reports on CR

Anonymous — Sun, 17 May 2009 14:19:03 GMT

oj1963 wrote:

Last question - I am trying to buy a house and looking for quickest way to improve score - I need 20 points on one Transunion. Choices, I have two debts that are closed and only total $3000 and over 2 years old; or should I pay the one within year for $600? Or do I most likely need to do both to gain 20 points?

Who is reporting them? Are they revolving accounts, installment accounts?

The old debts - 1 is an old credit card I closed that had a balance from 3 years ago. The second second is listed as "other" - it was a signature loan. They sent me settlement letters for 70% off each - so I have opportunity to pay off at lower amount. The $600 is listed twice on my CR - it was a cable bill that I was charged when I moved. It is was a final bill and we did not turn in cable box.

THanks

What is the current status of the credit card account that is closed? Is it reported as a charge off? Reporting lates?

Re: Double Reports on CR

Anonymous — Sun, 17 May 2009 15:30:23 GMT

oj1963 wrote:

Who is reporting them? Are they revolving accounts, installment accounts?

THanks

What is the current status of the credit card account that is closed? Is it reported as a charge off? Reporting lates?

They all state status as collections past due.

Re: Double Reports on CR

Anonymous — Sun, 17 May 2009 15:31:44 GMT

ANother question - can collection agencies perform inquiries to your credit report. According to the FCRA - only credit transactions can pull inquire your credit report?

Re: Double Reports on CR

Anonymous — Sun, 17 May 2009 20:53:38 GMT

oj1963 wrote:

What is the current status of the credit card account that is closed? Is it reported as a charge off? Reporting lates?

They all state status as collections past due.

They don't show CO?

Have you pulled reports from myFICO? Does it appear the CC balance is being calculated in your util?