Assigned to CA vs Sold

[FicoJordan]

Hello,

This is probably a dumb question but, I am in the process of sending a PFD to a CA and am confused.  What is the difference between : "Account assigned to collection agency" vs "Sold"?

A CA is reporting a debt as "Assigned to attorney, collection agency or internal collection department.

If a CA is only "assigned" to collect a debt as opposed to owning the account, will they accept any settlements?

[guiness56]

No dumb questions on this forum.

Assigned means they do not own it, the OC does.   Sold would mean the CA owned the debt.  It does not make them the OC they just bought a delinquent debt.

If the CA is assigned the debt it would be dependent upon the contract with the OC as to whether they can accept a settlement.  Sometimes they can, sometimes they would need to ask permission from the OC.

[FicoJordan]

I see so does that mean I can send send a pfd to the OC?  Instead of the CA?

[guiness56]

You can certainly try.  However, once assigned to a CA some OCs will not even talk to you.  If you send it to them they may just turn around and send it to the CA.

You can always call the OC and see what they say.

Is the OC reporting along with the CA?

[FicoJordan]

No just the CA is...ok I will try with the CA, then with the OC

[guiness56]

You send the PFD to who is reporting.  Since it is the CA that is the only one who can delete their TL.

[FicoJordan]

Thanks Guiness

just to be sure here is how it reads on my equifax: 

Collection on debt to:

08 Capital One Bank

The collection agency "Assoc Crdit" was hired to collect a debt of $xxx originally owed to "Capital One Bank" on account number "XXXXXXX

In this case the OC isCapital One Bank and the CA is Assoc Crdt.  Which one is reporting?

[RobertEG]

As for credit reporting significance, if the report shows that the debt collector is the owner, then any update to show $0 balance informs others that the debt was satisfied.

However, if the debt collector is only an assignee, and not the owner, then an update to $0 only informs others that they are no longer collecting on the debt.

It does not necessarily represent a statement that the debt was satisfied.

Satisfaction of the debt itself would then be shown by reporting of the OC of $0 balance on their account with you.

[guiness56]

The CA is reporting. 

There could be another TL with Cap 1.  They usually do report.

[FicoJordan]

Thanks