Once and for all..Can both rep

Discussion in 'Credit Talk' started by Killer, Jan 20, 2001.

  1. Killer

    Killer Guest

    Please what is the final word. Can both the original creditor and the collection agency report to the same CRA? I've read that this is not legal then I read that it is legal. Experts will you please answer.
     
  2. Saar

    Saar Banned

    RE: Once and for all..Can both

    Legal? I don't see how. Only one company can own the debt at any given time, and only the owner of a debt has the right to report it.


    Saar
     
  3. roni

    roni Well-Known Member

    RE: Once and for all..Can both

    The FTC told me that it can not be listed twice, unless it is a student loan. 'nough said. I hope that is good enough. Call them Monday morning if you like Killer.

    roni
     
  4. Killer

    Killer Guest

    RE: Once and for all..Can both

    Thanks Roni and Saar.

    With that information I can insist that Experian and Equifax remove one of the accounts. Does anyone have an example letter for this. I don't want to acknowledge the debt nor dispute it yet. I just want only one account on my report.
     
  5. roni

    roni Well-Known Member

    RE: Once and for all..Can both

    Usually experian and equifax list the debt in the collection agencies name and then list the original creditor on that listing somewhere. Interesting they did this. I would call Experian and just tell them that they have 2 listings for the same account. I would be very careful in my wording and would not answer anything that they ask you. They may get real sneaky and ask you if the debt is yours etc. I would be very vague in answering the questions. This kind of thing happened to me. If you get a nice rep, he or she may change it for you or initiate an investigation. This may get very tricky Killer. But I doubt a letter will do it. But on you definitely want to mention that the FTC said they can't list it twice and you plan to file a complaint if this isn't corrected in 30 days.

    roni
     
  6. Killer

    Killer Guest

    RE: Once and for all..Can both

    Thanks. I will call them Monday. I will let you know how it goes.
     
  7. csx

    csx Guest

    RE: Once and for all..Can both

    Is this the hypothetical you are adressing:

    Amex chargeoff - reported as chargeoff by Amex. Debt sold to collection company - reported as both chargeoff and collection on same report?
     
  8. Killer

    Killer Guest

    RE: Once and for all..Can both

    Almost...my case = repo not being report as a repo but as an open installment and seriously delinquent account. At the same time, a collection agency is reporting the same account but with different account #, balance, and dates! I believe the collection agency is doing this deliberately making my credit look worse than it actually is.
     
  9. steve

    steve Well-Known Member

    RE: Once and for all..Can both

    My opinion for what it is worth is that a reporting of a collection account all depends on the time period of the reporting. I.E. a creditor can report a debt delinquent up to the charge off, then must list it as closed with a zero balance and current status. The collection agency can also list the debt, but only for the period it had the debt. Neither can list the debt as being held simultaneously by both.
     

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