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Reporting of Original Creditor and Debt Buyer

800goal800
Frequent Contributor

Reporting of Original Creditor and Debt Buyer

It looks Credit Solutions Corp reported a colelction account representing the current creditor of CU Revest.    The OC is AB Credit Union.

 

I have had multiple collections unfortunately, but this is the first time I have seen both on the report at the same time.

 

Needless to say my score dropped....

 

I'm assuming both reporting is allowed ?

 

Message 1 of 6
5 REPLIES 5
gdale6
Moderator

Re: Reporting of Original Creditor and Debt Buyer

A debt buy cannot report the account in the same way the OC can, there can be no payment history and it has to report as a collection type account, if it does this then yes it too can report.

Message 2 of 6
800goal800
Frequent Contributor

Re: Reporting of Original Creditor and Debt Buyer

By the debt buyer reporting...you mean them reporting via the collection agency

Message 3 of 6
gdale6
Moderator

Re: Reporting of Original Creditor and Debt Buyer


@800goal800 wrote:

By the debt buyer reporting...you mean them reporting via the collection agency


No, the OC can sell to a JDB (junk debt buyer) and they too can have an entry with the OC just has to report as collection type account with notes they own it. The JDB can also employ a collector to collect for themselves and they too can report as a collection. There can only be one actual contracted collection agency to report at a time per CRA rules, if they dont have authority to collect on behalf of the owner of the debt then they must remove their collection.

Message 4 of 6
800goal800
Frequent Contributor

Re: Reporting of Original Creditor and Debt Buyer

so the original creditor can still report and a collection agency can report that is representing the jdb ?

Message 5 of 6
gdale6
Moderator

Re: Reporting of Original Creditor and Debt Buyer


@800goal800 wrote:

so the original creditor can still report and a collection agency can report that is representing the jdb ?


yes, all are still limited by the original DoFD as to how long it can remain on your CRs. If you are trying to get rid of the collector try the PFD with them

Message 6 of 6
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