How are collection accounts defined by CRA's?

[IWOL]

Can OC acounts report as a "collection" or is that distinction only reserved for debt that is sold or assisgned to collection agencies?

[gdale6]

To my knowledge I beleive that an OC cannot report it as a collection they can put comments like "sent to collections, turned over to collection dept, etc." Only a CA or JDB can report an account that says COLLECTION.

[Anonymous]

An OC can report as a collection account if it is with their internal collections department.  And it will be marked collections.

[IWOL]

Guiness if that is the case when a credit card is charged off by a bank but not sold how do they decide weather to report the account as a collection or a charge off?

Can an account be a charge off and a collection at the same time as reported by the OC?

Can an OC/Bank switch the reporting from charge off to collection whenever they see fit? 

[Anonymous]

I have had accounts show collections from the OC but not a CO.  The only time there was a collections with the CO is if they sold it.

And I have never heard of a CO changing to a collections with the OC.  They both impact your score the same.

Not sure how they decide.  A CO is an accounting term so they could have something to do with it.

I'll check into it and let you know.

[Shogun]

+1  If an OC has an internal collections department, they can mark it as in collection.

[IWOL]

Shogun...so I understand that if an OC has an internal collection department they can mark it as a collection. My question is, can a charge off also be designated a collection by the OC?

is it not one or the other?

the reason I ask is, I have a charge off from 2009 that was always listed as a charge off. In regards to the Experianreporting only it said in the comments "charged off account"

in the boxes for each month it showed 30,60,90 etc and then CO from May 2009 until December 2011. After that it reported as ND each month until May of 2012 when it reported as C for collection. Prior to May of 2012 it did not show up as a "collection" account.

Only Experian shows the account as a collection and not on TU and EQ. FP claims that each CRA just shows the income reported to them in a different way.

on here My Fico shows on EQ and TU as one of my positives as " last missed payment occurred more than 5 years ago" on EX it does not show that and on my USAA monitoring for EX it shows under "time since last delinquency is 0.3 months"

EX is my lowest of the my 3 Ficos but it should be my highest as it has around 1 year longer AAoA than other 2, so Im assuming it mostly has to do with the way this charge off is reporting. 

[IWOL]

Sorry for the poor typing my ipad is having a fit. I meant information not income.

im going to try and post a screenshot of the charge off account as it shows on Experian so you can see exactly what I'm talking about. thank you for any help you can give with this.

[Shogun]

USAA is a 3rd party CR, as is myFICO.  So sometimes the information gets skewed just a bit.  The NDs just mean there's no data for those months.  As far as the switch in reporting on your EX... it shouldn't matter.  A CO is a major derog, same as a collection.  The difference may be from the more recent appearing activity on your EX.  I'd like to see how a screen shot of it so I can get a better understanding.

[RobertEG]

Under the FDCPA, an OC does not become a debt collector simply because they have an internal collection department.

They become a debt collector, and thus subject to the FDCPA, only if they use a name in communication with the creditor that suggests they are a party other than the OC.  See FDCPA 803(6).

They can, as stated, report the fact that they have referred the debt for collection, and that reporting is maintained under the OC account.

A collection reported by a party subject to the FDCPA is retained in an entirely differenct segment of the consumer's credit file, called the K-segment.

Has the internal collection department communicated with you using a name that would suggest they are not the same party as the OC?