I have a charge off as well as a collection for two accounts. Is this allowed? I have a charge off and collection regarding Kay Jewelers (Not Paid). I also have a charge off and collection reporting for an old Walmart card (Paid Off). Any help is appreciated!
The Original Creditor (OC) is allowed to report a charge off (CO) and if they sell or assign collection authority to a collection agency (CA) the CA is allowed to report also. And if the CA sues and gets a judgement on the CO that can get reported also.
Collections and judgments are viewed as additional steps taken to attempt repayment of the debt, and are thus not viewed as double reporting of the same thing, even though based on the same debt.
Sorry for the late reply. Yeah, I am going to settle my baddies. After attempting to recon with Barclay they said they would have approved me if I didn't have open collections. So I intend to settle them all to 0 balances to ease future creditor's minds.
