Can account be reported twice?

Anonymous · ‎12-05-2009

Hi all,

This is my first post. I thank you in advance for your inputs. By the way, I've read alot of the posts here and I have learned alot from eveyone here. Here is my problem and I need some advice. I had 4 student loan accounts which I did not take care of. These accounts was then sold to another company. I paid off the accounts 2 years ago. Recently I found some senses and starting to fix my credit. I ran a report and saw totalof 8 accounts in +120 day pass due. All of them are from the student loans. 4 accounts are from the original creditor, and 4 accounts are from the later creditor. Can I do any thing to remove some of these "potentially negative" accounts?

Please give your inputs.

Thanks

RobertEG · ‎12-07-2009

Hiya!

First thing is to differentaite between original creditor (OC) and collection (CA) accounts.You can ONLY, EVER, have one OC account, unless you apply yourself for recontracting of the account. If the creditor then sells the account to another, or posts it to charge off of collection, full detals are needed on each account to evaluate your concerns about multiple reporting.

Can you provide details?

Message Edited by RobertEG on 12-07-2009 12:51 AM

Anonymous · ‎12-07-2009

I just want to add a small addendum to Robert.

You can have more than one reported OC account if the account is transferred/sold. For example, my auto loan has been sold to another lender since I originally got the loan. So I have the OC, which shows the original loan amoun now reported zero balance and comments sold/transferred, then I have the current lender/servicer who reports the account with full past history (no reaging, has the full payment history since loan inception).

So, if the account is sold or transferred, while in good standing (meaning not a CO) then you could end up with the same account reported by more than one OC/lender.

Message Edited by txjohn on 12-07-2009 12:53 AM