Duplicate Entry Clarification

Discussion in 'Credit Talk' started by tessmcgill, Jan 23, 2002.

  1. tessmcgill

    tessmcgill Well-Known Member

    Trying to help my son clean up his credit from his wreckless college days. He is older, wiser and painfully more financially responsible now. He has a single student loan that he paid on and - then in 1994 stopped paying. At which time when he defaulted on payment arrangements, the loan was transferred to other collection agency. When he defaulted again - the load was sent to another CA. The same defaulted loan is on his credit reports five times with different amounts (each collection agency tacked on their individual "service fees"). He has been sending monthly payments to the original creditor (the state agency that gave him the loan).

    Does anyone know what the FCRA says about duplicate reporting of the same debt?
    Thanks for any responses.





    A Head for Business and . . .
    Power to the People (the Little People)
     
  2. tmitchell

    tmitchell Well-Known Member

    I have been down this road with both the CRAs and PHEAA (my loans were through them). The loans can be reported multiple times by different CAs as long as the creditor/CA reporting the original debt updates their entry to say "sold or transferred" and zeros out the balance.
     
  3. tessmcgill

    tessmcgill Well-Known Member

    Each CA reports the loan with a different dollar amount and their own made up account number; there is no indication that the amount is zeroed out.

    Thanks to all the great information I've learned from this board, I'm going to dispute these with the individual agencies.
     

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