My wife's credit report seems to have the same entry from two sources. First Premier's entry - account transferred/sold to Arrow Financial. Arrow Financial's entry - account bought from First Premier. If those idiots from First Premier sold the account to Arrow, shouldn't they have had to delete their entry from the CR when they sold the account? Of course she sent off a dispute letter disputing First Premier's entry - the older one. Will that entry be deleted?
Both entries are allowed on your wife's credit report. The FP tradeline should show a $0 balance, along with the notation "account transferred/sold to Arrow Financial". The OC tradeline does not have to be deleted upon sale of the debt. I doubt a dispute will remove this entry, it will most likely be verified. You will have to be very specific on what you dispute in the FP tradeline as an inaccurate and/or incomplete data field.
First Premier is very difficult to delete absent litigation. Arrow, not so much but, they are still difficult as far as debt purchasers go.
Thanks for all your answers. First Premier ists the account as charged off/bad debt, closed on 08/2003, and sold to Arrow Financial. I assume in 08/2003. Arrow Financial however has it listed as date placed for collection on 10/2005. This is a difference of two years and two months. So, by law, when did the SOL begin - on 08/2003, or 10/2005?
Based upon this information, the SOL should have started on 2/2003 (180 days prior to the CO date). SOL is determined by Date of First Major Deliquency, the date the account became deliquent (late), and was never brought current.
Duplicate entries on a single debt are not allowed and a violation under the Fair Credit Reporting Act (FCRA). The credit reporting agencies have to remove these if disputed as "duplicate entry for same debt". If they do not remove them after disputed (best done in writing, never done online), you should file a complaint with the FTC. On the "duplicate" entries, file a complaint on line with the FTC stating you properly disputed two duplicate entries on your reports and the CRA failed to either properly investigate or correct or delete the two entries in violation of the FCRA and FACTA. Send another dispute to the CRA on the duplicated entries, (this time CMRR) and include a copy of your filed FTC complaint. And if all else fails, legal action can be taken at that point for violation of the law.
This post is 6 years old, and hopefully this debt is off the OP's reports per the FCRA section 605 (c)(1) Running of Reporting Period...however in reference to your statement about duplicate entries in reference to this particular case, this is NOT a duplicate entry and no consumer would be successful in litigation based simply on that argument.
I'm confused :-/ so which one is it? Is it legal and compliant if it reports as "sold or transferred" and the balance is $0 by OC or did the laws change and it is now illegal and violates FCRA?
Yes, it is legal to report a debt that was sold to a CA as "sold" as long as it lists a zero balance on the OC's reporting because if it's sold, there's no longer any debt owed to them.
You can conceivably have up to 3 accounts listed on a credit report. 1 - OC (whether sold or assigned to a CA) 2 - JDB (if the account was sold) 3 - CA (if the account was assigned, a JDB can assign the debt to another CA - or collect themselves)
Sorry to wake the dead here, but is it illegal in the case of revolving accounts? I have a Best Buy Mastercard. Openned it in 4/2011 when Cap One owned it, then it was sold to Citibank in 2013. So I have a closed Cap One account for this account from 4/11 to 9/13, then a Citibank account with the same account number from 4/11 - Present. Legally speaking, is the Cap One account supposed to be removed from my Credit Report? Thanks everyone.
No, because you still had an account with the OC, which was within the 7 year reporting window. As long as it is reporting as CLOSED it is reporting correctly.
Sorry, just need to clarify, but in my opinion that still doesn't sound ACCURATE: - The account is not closed, how can this be accurate? - The open account under citibank has the same account #, same open date. Seems like a duplicate to me. - I had another store credit card that got sold from one bank to another. The account didn't duplicate, the creditor name just changed.
But you had a history with the other creditor. The old account with creditor 1 is closed, and a new history with creditor 2 begins. The company has discretion to report it, either way, as long as they report it 100% accurately, completely, and verifiably...
Sorry everyone, let me clarify, is there any way I can dispute this??? There are 3 lates reporting from Cap One, however Citi reports the history all OK since the open of the account. Essentially they are both reporting credit history for the same account with the same dates from account open, except Cap One is reporting as closed as of 3/2013 and Citi continues open. Thanks everyone.
The account history was with C1 up until 3/2013; as long as they show that it is CLOSED, they are reporting 100% complete, accurate and verifiable information. Citi can choose whether they want to continue to report the previous creditor's history or to zero out the history prior to 3/2013. Either way, they are reporting 100% complete, accurate and verifiable information, AS LONG AS THEY HAVE INFORMATION from the previous lender to be able to CONCLUSIVELY VERIFY that data.
