OC VS CA

[Mysstee]

Hello,

Can both the OC and CA report the same debt even if it was paid in full.

[Anonymous]

Yes, they can.

Are they both showing a 0 balance?

Who did you pay?

Was a CA reporting before the debt was paid?

[Mysstee]

Thanks for responding,

  Yes the ca was reporting prior to me paying this debt. Although the dates the account was opened and date of last activity are reported inaccurately. The  OC stated they can continue to report  7 yrs from when the account was paid in full. The account was paid in full 05/08. Last date of activity was 11/04. My understanding would be they would both fall off 12/11. If I understand you correctly that OC and CA both can report the same debt.

[Anonymous]

Yes, both the OC and one CA can report the same account at the same time.

The OC does not know what they are talking about when it comes to credit reporting, which is common.  Many do not know the laws governing this.

A negative account stays on your report 7 - 7.5 years from the DoFD.  It has nothing to do with the date a debt is paid.

If the DoFD is in 2004, then, yes, it will fall off anywhere from Nov 11 to May 12.

Which CRA is this reporting to?

[Anonymous]

Confused again,

I thought the CA can no longer report after it's paid because they have no interest since they got what they wanted.  I remember asking this question before and was told the CA had to delete because they fulfilled their need.  I believe I was reporting that Hilco receivables agreed to remove collection and some one cheimed back in that they had to because they weren't allowed to continue to report since their job was done.  The were the CA.

Am I mistaken or was this a certain type of circumstance I had?

Also I had a collection report after it was paid, it appeared as a paid collection, I'm not disputing it because I'm about to sign using FHA and you know how that hate active disputes.  After I close I am defientely disputing it. 

[Anonymous]

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@Anonymous wrote:

Confused again,

I thought the CA can no longer report after it's paid because they have no interest since they got what they wanted.  I remember asking this question before and was told the CA had to delete because they fulfilled their need.  I believe I was reporting that Hilco receivables agreed to remove collection and some one cheimed back in that they had to because they weren't allowed to continue to report since their job was done.  The were the CA.

Am I mistaken or was this a certain type of circumstance I had?

Also I had a collection report after it was paid, it appeared as a paid collection, I'm not disputing it because I'm about to sign using FHA and you know how that hate active disputes.  After I close I am defientely disputing it. 

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I wish that was the case but, no, it is not.  A CA can report, paid or not.  The only time they would delete is if the OC pulled the account back from them or they sell it to another CA.

It happens frequently that you pay a debt, then it shows up on your CR. 

[Anonymous]

guiness56,

I'm going to search thru my history and find the reply I got about Hilco receivables deleting.  I was basically told they didn't do anything special.  I'll look it up so I can see where I got the wrong impression of the answer.

[RobertEG]

"No longer reporting" is not the same as deletion of prior, accurate reporting..

Creditors dont smply report debt.  They report delinqencies that occured on a debt.

As a simple example, say that you have one unpaid debt that first leads the OC to report a 30-day, 60-day, and then a 90-day delinquency.  The OC then does a CO on the debt.  If still remaining upaid, the OC can they place it for collection, adding the additional reporting of a CA.

One debt that results in five distinct negative postings to your CR, all existing at the same time:

The 30/60/90 day lates on the OC account drop separately after 7 years from their individual dates of delinquency.

The CO and CA drop after 7 1/2 years from the date of first default on the OC account (usually the date of the 30-day late).

Paying a debt does not automatically erase any derogs that were previousl reported by the OC or CA in attempts at collection of the debt.

Even if you are able to pay an OC, that does not compel the CA to delete their prior reporting.  The OC cant tell the CA to delete their reporting of legitimate collection activity.  What the OC does is to notify the CA that the debt has been discharged, requirng only that the CA update the status to paid.  It does not require CA deletion.  In fact, the reporting guidelines published by the CRAs specifically instructs CA not to request deletion based on payment of the debt.