Rebuilding Questions? Multiple Entries and Collections?

[Anonymous]

I'm on the never ending journey (it seems) to rebuilding..  It seems like during my research of paying off collections that most say don't pay. And I can kind of understand that if they have been reporting for a few years but most of ours are recent. 

Another question: Some of our debts are reporting twice. 

For example in the account section of my credit report is says Gordmans.. $0 balance... has been sold to attorney/ collection agency..

but then in this instance PR owns it and it gives the balance and their entry.

-Is that reporting correct? How many entries can one debt have on my report? 

So here is where we are at:

My collections:

Portfolio Recovery: $502 opened 8/17

Portfolio Recovery: $527 opened 5/18

Portfolio Recovery: $859 opened 3/18

LVNV: $276 opened 7/18
Firstbank.. Not technically a collection.. it's not mine but the credit bureaus will not delete and first bank will not delete despite me sending in police reports. That closed 12/14 with a balance of $472 

As for my husband:

Diversified Consultants: $854 opened 4/18 we actually want to pay this off in the next month since we would like to get back with Sprint

Midland Funding: $270 opened 10/17

Portfolio Recovery: $935 opened 9/16

Portfolio Recovery: $479 opened 10/17

I mean we aren't in the hole horribly, I'm sure we can Ramen noodle diet for a few months and pay them off, but is it worth it? 

Our near future goals are to trade in our current car and purchase a bigger car hopefully in 3-4 months.. but that's about it. 

[RobertEG]

It is totally proper for your credit report to include simultaneous reporting by both the original creditor and a debt collector on the same debt.

The reporting by the original creditor is of your performance under your account with them, and the reporting of the debt collector is of the fact that they have authorized authority to continue collection on the debt. 

If a debt collector only has assigned collection authority, then both the OC reporting and the collection can show the debt balance.

However, if the OC has sold the debt to the debt collector, then they must update the balance reporting on the OC account to $0, but they are not required to delete their account history.

As for the collections, while the debt remains delinquent, the owner can initiate legal action seeking a judgment at any time until expiration of the SOL period under your state law.  That might result in a civil judgment, which can then find its way to your credit report, adding an additonal derog, and can also serve as basis for the judgment creditor seeking attachment of assets or garnishment of pay.

Are the debts still within SOL?

An additonal possible scoring consideration is whether or not the debt collector is continuing to make regular updated reporting.

Whenever they update, that effectively informs that the peirod of delinquency since initial date of delinquency has increased, which affects the scoring of the collection.

A final scoring consideration is that you can offer a pay for deletion, which if accepted, will totally remove the collection from your credit report, and thus remove all negative scoring impact of the collection.

[Anonymous]

Thank you for clarifying the reporting!