Reported as both Collection AND Revolving CO?

[Anonymous]

Can the same account be listed as both a Collection (by a Collection Company) and a Charge-off by the original creditor? This account is due to fall off in Oct 16 per my EX report from free credit report, but I'd love for it to be gone sooner. Is this a legit reason to file a complaint with CFPB?

[RonM21]

I believe depending on the circumstances, it can be listed that way. I.just remember reading threads on here where it appeared this was allowed.

If you could, please give more detail about these accounts and how they got to this point. Someone with good knowledge will be able to tell you if this is wrong.

[Anonymous]

Yes they are allowed to report that way.  The OC on the charge off should show a 0 balance if it was sold to a collection agency.  

[Anonymous]

---

@RM21 wrote:
I believe depending on the circumstances, it can be listed that way. I.just remember reading threads on here where it appeared this was allowed.

If you could, please give more detail about these accounts and how they got to this point. Someone with good knowledge will be able to tell you if this is wrong.

---

Here's the From Experian Free Credit Report:

Account Name FISHER & BURNS FINANCI

Account # D503XXXX

Account Type Bulk Purchase Finance

Balance $1,868.00

Past Due $1,868.00

Date Opened 5/1/2015

Account Status

Mo. Payment $0.00

Payment Status Seriously past due date / assigned

to attorney, collection agency, or

credit grantor's internal collection

department

High Balance $0.00

Limit $0.00

Terms 1 month

On record until Oct 2016

HSBC BANK

8883858916

PO BOX 9

BUFFALO, NY 14240

Potentially Negative Closed

Account Name HSBC BANK

Account # 54911000XXXX

Account Type Banks and S&Ls

Balance $0.00

Past Due $0.00

Date Opened 5/7/2007

Account Status Closed

Mo. Payment $0.00

Payment Status Charged off as bad debt

High Balance $1,868.00

Limit $0.00

Terms

On record until Oct 2016

Comments

[RobertEG]

The creditor account reports the history with the original creditor, including its delinquencies and current debt status.

The reporting shows that the debt was charged-off, which is a required accounting action which does not affect the continued obligation of the consumer for the entire debt. The creditor reporting of a $0 balance is not as a result of the charge-off, it is their statement that they no longer own the debt.

The debt collector can report their collection, which in this case is also on a debt they now own.

It is perfectly proper for both the OC and new owner to report, and is not basis for either a dispute or a complaint to the CFPB.

You can no longer pay the creditor, as they no longer own the debt.  Any payment or negotiation must be with the current owner.

[Anonymous]

One last question .... Is it October yet?? 😂😂😂

[Anonymous]

I paid off a collection account with Milestone Credit Card and it reflects a zero balance but just half-way through a CFPB complaint they sell it to a collection agency...but i dont get it how can you sell an account that is already paid? Any insight on this one? I am figuring that is why CFPB cant get an answer from them...

[Anonymous]

May I add that this was paid off on Janurary 10, 2016. And Milestone said that it was updated on Jan 25,2016. But after that Milestone marked as 180 days late until March 2016 and everytime I have disputed and sent in proof, Milestone only says it is verified. I filed a CFPB complaint on May 17th 2016 and on May 27th 2016 I got a letter dated for the 25th of May that my account now is with a collection company. I am lost in how that is done if the debt was paid off in Jan 2016????

[Anonymous]

Do you have evidence that this was paid in January? Do you send that as Ana attachment to your CFPB complaint?

[Anonymous]

Yes I did...I showed a bank statement and credit report and letter from milestone and who i talked too to make the payment. But since milestone hurried up and sold the account idk what CFPB will do