I'm looking but not really seeing anything as to whether there's something in the FCRA that addresses the same account (ultimately) being allowed to be reported on your CR more than once. Ex: OC reports account charged-off and sold to another lender, x; other lender x (a CA) reports account as collection account with balance. Therefore the report view being viewed appears to have multiple collection/delinquent accounts for one dollar amount. Isn't this just a slimeball way of making consumer look like they owe more money and are even less creditworthy? Would this not affect a a credit score worse than if just one account was listed? OC just paid 1.9 billion to settle US probe BTW....
Conceivably there could be 3 tradelines for one account. OC sells account to JDB, JDB assigns CA to collect instead of collecting in house. This is the most tradelines that I can calculate as being legitimate for an account. If an OLD CA is still there after they've transferred or sold the tradeline should have been deleted.
There isn't anything specifically in the FCRA as to this scenerio. It's simply the logistics that come up with how accounts are listed. Any account can be listed, as long as it is showing the complete, accurate, and verifiable information. So OC (if sold) would have to show a $0 balance, JDB and CA could show the balance. (you can use the 2 tradelines to fight each other for reporting incomplete, inaccurate, or unverifiable information, since both tradelines should be identical. And compare them to the OC tradelines as well.)
OC shows: Monthly payment: $0 High Balance: $430 (same as what CA shows) Recent Balance: NA Creditors Statement: Purchased by another lender Unlike the CA, there's no Status Detail: "Account scheduled to continue until xxx" Sorry, but rusty here, what is a JDB?
Update of sorts... Today I received in the mail a LTR from the OC I'm referring to here. It states: "We have received your credit bureau dispute regarding the OC Bank, Mastercard Account. In order to process your dispute, we need the following information: Full name of card member on account The account # SS# Current Address Detailed explanation of your request A copy of the page from your credit report indicating the account referenced in your request. are they serious? How could the CRA have verified account being accurate (it's listed on all 3 reports, but for some reason I only seemed to have disputed through one CRA) and THAT CRA sent me a notice that investigation is complete (they took all 30 days to do) and that account was verified. Any suggestions on next step?.... Do I attack CRA for bogus verification and fax them this letter? Do I respond to OC 'asking' how it was thy verified with CRA and demanding immediate deletion of accounts?
Essentially that would be my argument. I would back it up with the case law, though. And I am sure if you look at my WOAH, BOY thread you can find enough quotes relating to 15 U.S.C. § 1681s-2(b) to change their tune, and hopefully cut a check. Keep in mind the standard disclaimer, I am not an attorney, and I am not providing legal advice. But the Johnson v. MBNA quote may be a great one to throw in where the ---- is...
Thank you jam. As always, very helpful. Used some great quotes from WOAH, BOY and sent a letter today. I'll report back on this when I have an update.
