You posted on another thread that if a creditor is already reporting a negative to the cra's, and then passes the acct. on to a ca, that the ca cannot also report. Where can I find the statute on this? I've not found anything on this before in either the FDCPA or FCRA.
That makes sense. But, the problem is when disputing the accounts, the idiots at the cra's claim that if a collection agency is handling an acct for a creditor, then they have the right to report it. This happened to me. It took about 4 attempts but I finally got the ca off. Then I wrote a nasty letter to the original creditor, (re: a repo from 1995) telling them how they violated the law etc., and they re-reported the acct as paid in full never late. I1.
Does this go for an account in which is not assigned to a CA but actually sold. I have an account which was with Bankfirst in 1997 and was charged off and sold to FMS Inc. Both are reporting on my Equisux and TransUnion, doesn't Bankfirst have the right to report or do they reliquesh the right when they sold the debt. It was my understanding that a debt can be reported multiple times, but it must state that it was bought and(or) assign from the original creditor.
That's what I thought also. I had a repo with bank a. Bank b took over bank a. So it was being reported twice. It took multiple disputes, but I finally got banka deleted as a duplicate, and then after a nasty letter to bank b outlining all their violations in misreporting, changing date of last activity, etc., they finally updated it to read paid as agreed, paid in full. Just dispute the original as a duplicate.
So in the "Hate to put words in your mouth" category, what you are saying is that if COMPANY A sells the debt after dispostioning it a CHARGE-OFF, they cannot continue to report it after a CA buys the debt and begins to report it. This raises an interesting issue on the valididity of the CRAs verification of debt. If company A sells the debt and expunges their records, how can the CRAs verify the entry correctly? Probably one of those self-answering questions. I've had this situation with some collection accounts. I had a BellSouth bill for $202 listed, count it... 5 times by five different CAs. I could just imagine the price CA 4 sold the debt to CA 5 for, probably $5. The accounts came off on the first dispute round, but I could just imagine what Joe Public is walking around with on his or her credit report.
That is the assumption that we are making. If the original creditor sells the account, how can they continue to report an account they don't have? It happens all the time, but I've now had duplicates (original and ca) removed about 3 or 4 times.
LKH, How did you get the dupes removed? Dispute with the CRAs, send validation letters to the CA/Creditors? My Credit report has a total of 4 derogs(Providian, AMEX, Direct Merchants and Adelphia Cable) and but through Charge-offs and collection accounts the 4 originals, show as 11 derogs. This brings my FICO and Beacon to breathtaking 545 and 560 respectively.
On my husband's experian it has US CreditCorp reporting (4/99 the sol in Tx is 4 years) with orginial creditor as Home Federal Savings Bank. $548 On his equifax report it has Home Federal Credit w the charge off 5/99, $300 and directly above it Morwell Financial (this company is US Creditcorp) with last activity on 4/99, amount $548. I sent a validation letter 2 weeks ago to US, before I got his equifax report. Do I wait to see if they can validate? Or do I need to start disputing with Equifax since this is an obvious duplicate? On the Important info about credit sheet (equifax) 7. There may be what appear to be duplicate accounts reported in your credit file. Ths could be because some credit grantors issue both revolving and installment accounts. Another reason why an account may appear to be reported twice is that when you move, some credit grantors transfer your account to a different location and issue another acct #. The Morwell tradeline has the same acct #, they just added 2 numbers infront of the orginial #. I just want it removed least painless to us.
Just got our TU reports. Home federal Savings is listed as collection activity with Last activity as 5/2000. Does that mean they re-aged? I just want some help for my plan of attack!
Just think how this is falsifying Fico Scores and the millions of $s that people are getting bilked for!
