Collections VS. Original Creditors

[Rebuild2019]

Hello,

I have collections on all 3 reports from PR. I’ve been going through my bank statements and trying to make sure things are correct. It occurred to me that PR is showing in collections, but the original creditors have fallen off my CR. Can Collections do that or is the collections account due to fall off when the original creditor drops off? One account was CAP1 And is not showing as a closed account. The other is HSBC which is not showing as a closed account.

Once the original closed account falls off shouldn’t the collections fall off?

Thanks

[Anonymous]

The OC and collection reporting are two separate items. You can absolutely have a collection without the OC and this is actually ideal since it’s very hard to get OCs to do goodwill removals while CAs are more likely to do so in order to get a promised payment. 

Many people find themselves in the frustrating situation of having both the OC and the CA and they can’t get the OC to remove so it’s something to be thankful for really. 

[Rebuild2019]

Thanks for responding. So the OC drops off after 7 years. Does the CA then have an additional 7 years they can remain on your CR? I thought the CA had to abide by or within that original date? If the CA sells it to another CA how long can the new CA keep it on your CR?

[Remedios]

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@Rebuild2019 wrote:
Thanks for responding. So the OC drops off after 7 years. Does the CA then have an additional 7 years they can remain on your CR? I thought the CA had to abide by or within that original date? If the CA sells it to another CA how long can the new CA keep it on your CR?

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Derog will "fall off" no later than 7.5 years from DOFD. It makes no difference who holds the debt at that time. It goes poof! 

If CA sells the debt to another CA, it makes no difference, still falls of at the same time. 

[Rebuild2019]

Ok so maybe I should call or dispute because the original creditor is no longer there. One CA is showing 2016 as a date which is absolutely WRONG. All of my derogatories started in 2012 when my dad was sick.

Thanks

[vntrsc]

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@Rebuild2019 wrote:
Ok so maybe I should call or dispute because the original creditor is no longer there. One CA is showing 2016 as a date which is absolutely WRONG. All of my derogatories started in 2012 when my dad was sick.

Thanks

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Does the 2016 date happen to be “date opened”?  If so, that’s the date the CA opened the collection account in its files.  It has nothing to do with the date you opened the account or the date of first delinquency determining when the account drops off your credit report.  

[Rebuild2019]

Hello,

It is the date opened, but if the original creditor is no longer on my CR shouldn’t the CA also be falling off? Am I correct that the CA has to abide by the original creditor’s DOFD?

[simplegirl]

Yes if OC fell off because of the DOFD than the CA should have fallen off to.

[Rebuild2019]

The original creditors are not listed. Just collections and this was in 2012.

Thanks

[simplegirl]

When exactly in 2012? In the beginning, middle, or end?