One last time! Oc/ca reporting balance

[fishbjc]

Hsbc

charged off 3600

lvnv 2100 as I am making payments

paying this off next month

does hsbc still report as 3600 after lvnv is paid?

how to get balance to 0?

[Shogun]

Once it's paid off, they must report a zero balance.  The CA should advise the OC of this fact.  If not, then a direct dispute with the OC would be in order.

[beb86]

What has probably happened is that the OC has hired the CA to collect the debt and have not sold it off to the CA. What should happen is once you have paid the remaining balance the CA and OC should update with a $0 balance....If not that's when I contact the OC and ask what gives..If you have paid off the debt with the collector than either the OC sold the debt off and it should have been reported as $0 in the first place or the have hired the CA to recover the debt with out any transfer of said debts, and if that's the case than you have satisfied the debt and it should be reported as such ($0 balance).

[RobertEG]

+1

You are covered.  If the final payment is considered satisfaction of the debt, the OC is required to either update the outstanding debt balance to $0 or delete their reporting.

The debt collector is similarly required to either update the amount still under collection to $0 or else delete the reported collection.

[fishbjc]

So this will be a big win-win for me.  It's really hurting util b/c both the oc and ca are reporting as factoring companies.  I've spoken to lnlv about this and they agree, but suggest that it's an issue with EQ as they appear to be reporting correctly.  We will see.

[Shogun]

I've had this sort of trouble in the past myself.  I managed to get HSBC off of EQ and EX, still one blemish on EX which is a 5 year old CO from HSBC.  My CA was Portfolio. They too were reporting as a factoring but had the dates all messed up and after a year I was able to get them off but it was a long road.

The DOFD for HSBC allowed it to be excluded from my TU and EQ but they had a different one for EX.  I have no idea why and am fighting it now.  It should have fallen off in Nov.  Portfolio even had a newer DOFD than that and this is how I finally got them off.  They were professional and courteous but not wanting to delete,  but in the end they caved to threat of legal issues.

The OC should not be reporting as a factoring company.  They have no need to.  They are an OC and the factoring company posting is just a way for a CA to get access to OC type reporting.  It's not wrong for the CA to report as a factoring company, it's just what they sometimes do with that ability that makes what they post wrong.

I have found that they put up much more of a fight if the debt was unpaid.  So I would suggest paying or settling the debt.  If you don't, then even if you fight and win, they will sell it and it will wind up with another CA and your battle will  begin anew.

You've made a great strides in improving your financial situation and I wish you the best.  Let me know if I can be any help to you.  

[madmann26]

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@fishbjc wrote:

So this will be a big win-win for me.  It's really hurting util b/c both the oc and ca are reporting as factoring companies.  I've spoken to lnlv about this and they agree, but suggest that it's an issue with EQ as they appear to be reporting correctly.  We will see.

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If you do some research on what the CRA's use for reporting/coding, you'll come across "Metro 2". I have my UDF for PRA and looking at what they are coding, they are reporting themselves as a OC, which is entirely false.

[fishbjc]

We don't need any credit until the end of the year, so I've got plenty of time to work on them.  Getting my $$$ together to pay their settlement offer next month, going to save me 599.99 or so.  I did reach out to HSBC on f/b and I received a quick response with the name of a guy I have to call.  Thought I'd just pay this first.  That will take $5800 off of dh's utilization.