After looking at all three of my credit reports there are a few things that are clearly wrong..but I want to make sure.. I see the same derog accounts several times on the CR. One being the original creditor and several others because they keep selling the same account over and over to a new CA. Can they list it multiple times. (Bringing down my score each time) and can they keep changing the date of last activity? It doesnt seem fair because they would never come off! EQ 455 (-100) TU 433 EX ?
It can be listed by each entity (the original creditor and each CA it is sold to). However, the date of last activity should not change. Also, the balance should be zeroed out by the entity selling it each time. Only the most recent owner should be reporting a balance greater than zero.
I had the same thing happen to me with a Utility bill. The orignal creditor sold the account, then they sold the account. Anyway I had 4 collections for the same bill. I kept disputing it and it kept coming back verified. So what I did was call each collection agency to verify these accounts and they told me that they no longer had these accounts, that it was sold back to the original account. ( I think this whole thing is a racket). So once they verifed that they no longer had these accounts, I had them update THEIR system, so when I disputed with the CRA the information was updated and deleted. It was deleted because Inovision is currently collecting on this account. I think once one CA is collecting, the others cannot report this. So I think the key is to make sure these CA update their systems.
Just an FYI.....only ONE collection agency can report at a time - and if they sell it they must remove they're entry. You should not see 50 million collection entries all relating to the same debt. -Sal
Sal..That is incorrect. Every CA that ever had the account can report it. However, once the CA sells it, they must report it as "sold/transferred" with $0 balance. Also, they cannot re-age the account. The DOLA must remain constant.
...trust me. Only one collection agency can have they're trade line on your report - you can have them removed. If a collection agency gives it back to the OC, they in essence gave up ALL they're rights to you - including reporting themselves on your CR. -Sal
You are 100% correct and I left out the MOST important part. You need to get all off those collection agencies to send SOME form of validation that includes the original account numbers. When you have that in hand you can send to all the CRA - when the CRA see they are the same account numbers they will not argue with you, they will just delete them. Good Luck, Sal
Sal, if they give it back to the OC, I think you are correct. However, I don't see anyhting in the FCRA or FDCPA that states only one CA can report an account. Remember, your credit report includes your "history", not just what the current holder of the account is experiencing. Can you point me to the correct part of the FCRA/FDCPA that says only one CA can report at a time? I hope I'm wrong but I don't see it anywhere.
