I read somewhere that if an OC has sold your charged off account, they no longer have the right to report on it, is that true, or is it that if an account is sold or transferred, both companies cannot report on it, only the current owner of the acct. Is that a reasonable reason to dispute, that the company reporting the debt has sold it and therefore can't accurately report on it? Maybe this is ridiculous, but I was wondering.
Not sure where you would have read that, however, if an OC has sold/transferred your account to a CA, the OC does have the right to continue reporting the account (7 years from DOLA) as sold/transferred with a $0 dollar balance. You could always dispute it as "not mine" through the CRA's. Only the current holder of the account can report a balance, while the old owner (usually the OC) must report, as I said, a $0 bal.
Mindcrime, I don't know how that can be, cause that is considered a double whammy on someone's credit, if that sthe cause I could get someone's debt. Split the balance 4 ways, Report it as sold and sell each quarter to 4 other CAs and have the same debt reported 5 times. Really Why and how is that legal to report a debt that don't own?!?!
While I agree with you that it would appear as a "double-whammy", it's still legal, because it's accurate. The OC has sold the debt to a CA, so the account with the OC now no longer has a balance (thus $0 balance being reported). The account existed at one point, and can very well exist for up to 7 more years. I don't like it, neither do you, neither do most consumers, but unfortunately that's the way it is (unless a consumer takes the initiative to start disputing, etc.) As far as obtaining someones debt and spitting it, I'm not whether or not that is legal or not. I would suspect not, however, I'd like for someone who has a definative answer on it help us out here. Of course, like I said above, a consumer could still dispute the OC's account through the CRA, and have a better chance of getting the account removed since it has a zero balance, than when it was still held by the OC with a x amount of dollar balance.
Well I used exactly the way I stated on a dispute letter to a CRA and got it deleted immediately. I even had a letter from Gulf state for my friends credit report and sent that in, that said they were reporting it accurately and blah blah this and that yet, Since they no longer owned the debt, it wasn't legal to have it on the credit report. That too was deleted immediately.
I have one that is showing TRANSFERED/SOLD but still shows CHARGEOFF, $0 balance in the status. They sold the account and I settled w. the assignee. Is this permissable? How can it be charged off and sold?
Was this statement in the Gulf State letter to your friend? Or is it your own personal statement to them? Or are you quoting this from somewhere (like FTC opinion letter, etc)?
I stated this to CRA, if they didn't own the debt how could they have the right to report it to CRA causing me a lower score?
Oh, okay. Well hey, if it worked, more power to you. BTW, did they delete (the CRA) for you right away on the phone? Or if this was in a letter, did they even bother with an investigation?
95% of the time I do this via Written CRRR, I never talk over the phone. Basically I have noticed if you don't throw around FCRA and FDCPA crap, they do alot more. Basically you show them how they would feel etc. I have won alot more that way then any other way.
Okay, so they didn't do an investigation then correct? Just deleted it on the spot, so-to-speak? I'm asking because I may try out your method here at some point.
that's me. discover sold to gulf state (who had sold it off to yet another party that never reported it - Collins) disputed discover and gulf state (both were on) discover dropped after 30 days gulf state sent a letter stating they do not own the account and sold it off. sent copy of gulf state letter along with request to remove incorrect gulf state collection listing, and it was immediately removed.
