Collection Question

[Anonymous]

I have a collection reporting on my CR and notice the original creditor and collection agency( Asset Acceptance) is both reporting on my CR. Is this possible and/or legal to do? I thought it is suppose to be one or the other.m Any info on this issue is greatly appreciated.

[-Cain-]

This may be better off in the Rebuilding section, but yes they can both report. They cannot both report a balance though.

[Anonymous]

I apologize, didn't really notice I posted in the wrong forum and thank you for the info. Mods please move this to the correct section.

[MarineVietVet]

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@Anonymous wrote:

I have a collection reporting on my CR and notice the original creditor and collection agency( Asset Acceptance) is both reporting on my CR. Is this possible and/or legal to do? I thought it is suppose to be one or the other.m Any info on this issue is greatly appreciated.

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It's legal for both to report. Does the OC show a balance still owed? If so then they have just assigned the account to a CA but still own it. If the OC shows a zero balance then they have sold the account outright. Or at least that's how it's supposed to work.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Yes the OC balance show zero and balance is showing up on the CA only. Under EX the OC show Payment status "charge-off" "transder to another lender or claim purchased" and TU show Payment staus "Payment after charge-off/collection".  Is this okay, I am really puzzel.

[Anonymous]

bump for help?

[LIGHTNIN]

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@Anonymous wrote:

Yes the OC balance show zero and balance is showing up on the CA only. Under EX the OC show Payment status "charge-off" "transder to another lender or claim purchased" and TU show Payment staus "Payment after charge-off/collection".  Is this okay, I am really puzzel.

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EX shows  "transfer to another lender or claim purchased" and TU shows "Payments after charge-off/collection"

 TU and EX is saying, the debt was sold to a CA.

When a OC sells a debt to a CA, the OC changes  the balance to $0.

Yes,I know it seems unfair....but its legal for both the OC and the CA to report.

You can try to use a PFD letter, to get CA to delete. Some CA's accepts PFD's and others do not.

A CA reporting on a CR can really ding a credit score. A recent CA can hurt a CS as much as 80-90 pts. Hope this info helps

[Anonymous]

Thanks for the answer. This is what I am looking for.

I did call and try to get them to d a PFD and they did not budge. They said that the OC did not allow this on their account. Which I did not understand. Since the account was sold to them.

This collection account was in 2005 and is ready to far off in June 2012. I just recently got approved for AMEX Green and Chase Ink Business Cash so i don't think this really affected me since it been 6 years. I really hope this collection is worth much as you said cause when it fall off my CRmy score then will be in the mid 700.

Thank you for the answer.

[LIGHTNIN]

Sorry to get your hopes up, but it's a recent debt hurts by 80pts.

Then as the debt ages, it hurts your score less and less as time goes on.

IME,  when a CA drops off my CR, I seen no score jump.

[Anonymous]

Shoot, but it's okay as long as it's off my CR. Thanks again.