Experian and duplicate accts

Hi Linda,

I have been fighting Experian for months over a duplication listed. I think I have finally gotten it removed, and if not, I have the letter from the new creditor saying they are requesting removal that I can always send to the CRA's.

Now, that said. I only had the dup on Experian. It fell off the other 2 since the last activity was 1995....almost 6 1/2 years ago. I think most of the time they will remove the duplications after a long period of time, HOWEVER they really don't have to remove recent ones AS LONG AS THEY ARE REPORTED CORRECTLY.

FOR EXAMPLE.... they need to say SOLD/TRANSFERRED and a ZERO $0 balance. If you had a credit card that was sold 4 times in 4 years, it's possible that you could have 4 listings on your report. As long as the first 3 say SOLD $0 balance...good standing.. they can't hurt and may help your total score.

The desired choice would be that some or all of the first three would stop reporting and remove the listing, but it doesn't always happen. The reason I was fighting was that the first company that had my credit card still showed it listed as OPEN with a $9800 balance! All from 1995. I started fighting for complete removal and ended up just begging for a listing of $0 balance with SOLD. Actually it was better to have the very old tradeline with no lates, etc., on my report.

So, in answer to your question. YES, they can all list on your report as long as they are listed correctly as I stated above. If they are not doing that then fight like hell to get them to update the CRA reports. Only ONE company has the right to own the debt, and only that company has the right to activly report it on your credit report. Call the old creditor and demand that they update your report if it's not correct. Try to get them to send you a letter stating that you no longer hold an account with them. You can send that to the CRA's and ask for it to be updated.

Hope that gives you some clarity

 

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On my reports I have Discover, my original creditor, listed as a charge off, zero balance. They sold the account to Asset Acceptance who is also listed on the report with a balance.

Experian says:

Q: Why does certain information appear in more than one place on my credit report?

A: We do this because the item has been reported by different sources: one entry came from the original credit grantor, and one entry came from a collection agency. This information will remain on your report for 7 years.

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Okay, I read your post more throughly and YES, I would say you are stuck with them . They are listed correctly. You can't get that charge-off off your reports just because the sold the account. They listed the Discover as Zero balance....so that's right. Now the new company owns the debt and you have a balance on the new account. SO THATS RIGHT TOO.

Unfortunately, it's being reported correctly. The explanation from Experian is right on the money. You don't say how old the charge-off is, but maybe someone like Junum can get it removed. I have heard that Discover is HARD to work with though.

Good luck to you

 

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In your post just before this one you said "As long as the first 3 say SOLD $0 balance...good standing.. they can't hurt and may help your total score." Are you saying they should only be able to also list the collection account if the sold account is listed as sold AND shows good standing?
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NO NO NO NO. You only get GOOD STANDING listed if you are in good standing. When I said that I hadn't read that it was a charge off. They will list the sold account as it actually occured. In your case it was a chargeoff. In my case, it was in good standing. the only thing they NEED to list is that it was sold/transferred and zero balance.

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Just to clairify, I wasn't trying to get the Discover account removed because it said sold. I was trying to not have two negative tradelines listed for one account.
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Unfortunately, you DO have two negatives on that account. Is the second listing a negative? I know it's a collection account, so I guess a collection company is a negative. But it still reflects an accurate history. The Discover account charged off.... and now a CA holds the account. Does it say late, due, paid? What do they list?

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The charge off date is ... um ... I can't really figure it out.
Eqifax shows R9 status; date of last activity as 6/96 with R5 dates being 1/97, 12/96 and 11/96.
Experian shows "charge off as of 11-1996 to 9-1998.
Trans Union shows closed 8/1996: payment after charge off/collection. (what does THAT mean??)
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Sorry but I can't decipher the date thing. I would imagine that since it's a negative they are going to stay on until close to 7 years after the chargeoff date. Someone here may have an answer to that one for you. I haven't dealt with those. My acct was in good standing and had a date of last activity as 1995.

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I think this is where I am getting confused. If only one company (the one that owns it) can activily report it then why is the company that sold the account also allowed to report it? Maybe I don't understand what you mean by "activily report."
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Unless I am wrong (and that's always a possibility) Discover isn't continuing to update that tradline. It's there, with your history, showing the charge off. It will sit there until it falls off. Like I said, since I haven't dealt with chageoff's I can't answer all those questions. I can explain it in my situation. The old cc acct. had not updateed my CRA tradeline since 1995. B of A owns my cards now and reports it and updates each month. IF the old company still tried to report every month it would be wrong. They can't both OWN the debt. See? Discover isn't saying they OWN your debt anymore, they show it as sold to the CA. They are, however, still going to keep that chargeoff on your report. But they aren't still adding lates to it...as in continuing to "activly" update your report. Since the CA has the account now, they will take over updating each month according to how you pay. But again, I am not familiar with collection accounts.

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So I don't know what to demand that they update.
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Again, I said that before I read your post fully. You have nothing to demand they update. It's current. It looks like they are reporting it correctly. Discover has the right to list the charge-off. Without looking at your report, I can only guess that they aren't updating each month and adding new lates. Maybe they are. I don't know if they can do that since I don't know how CRA's handle accounts with collection agencies.

Maybe someone here who has first hand knowledge of how charged off accts and CA listings are handled on credit reports, can answer here.

I was only dealing with how duplications work in the context of sold accounts that are in good standing. For example, credit cards sold to another bank. Like my situation. Sorry if I confused you even more.