2 TLs for the same debt - can they?

Discussion in 'Credit Talk' started by fletchlive, Sep 1, 2003.

  1. fletchlive

    fletchlive Well-Known Member

    I have a Chase Account that was sold to First Select and then passed on to Asset Acceptance. My Chase TL says that I have a $6086 balance with a 4/00 date of last activity while showing a charged off status - can you have a R9 and a balance if the account is sold?

    My Asset Acceptance line says I have a $7627 balance as of 11/02 but a 5/00 DOLA - they didn't even have the account then.

    Can 2 companies post derogs on the same account?
  2. tmitchell

    tmitchell Well-Known Member

    Yes, 2 (or 3, or 4, or 10) companies can post derogs on the same acct. However, when the debt is sold, the seller of the debt needs to update reporting to sold/transferred with $0 balance.
  3. chrisb

    chrisb Well-Known Member

    Re: 2 TLs for the same debt - can t

    The DOLA from Asset Acceptance SHOULD exactly match the DOLA from the original. Do they both have the same account number on the credit report (or does Asset Acceptance have some information on it's tradeline that specifically states that it is the Chase Account)? If so, I would first dispute that the Asset Acceptance account has a wrong DOLA, let Asset Acceptance validate, then file a lawsuit against them for re-aging the account. With the dispute validated, they basically admit that the info they submitted is "correct" The DOLA should never change as long as the account never is brought current, and since it's been charged off, that should never happen. That DOLA is used for setting the 7 year reporting clock, which means that the Asset Acceptance tradeline will be reported for 1 month longer. Even thou it's only 1 month, it's still re-aging, and illegal.

    Now on the good side of it, AA may not validate within the 30 days, and therefore it may drop off.

    If both are reporting a balance, then most likely the account has been only assigned to the Collection Agency. It still stinks, and doesn't sound like it should be legal, because it looks like you're $13000 in debt instead of jut being $7000 behind.

    Are you in a 3 year SOL state? If so slam the CA with validation letters and dispute it, if not, I would stay a little cautious.

    Just a thought.


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