Does FCRA covers how many times a negetive items can appear

[Anonymous]

Hi guys

I did not see anything in FCRA that covers how many times an item can appear in the credit report. Does any one know any info that limits to one time only?

Questions- Can an item be reported by OC as charge off and then by CA as collection?

I am sure FCRA when it was enacted in 1996 it never intended to allow the CRA to report same debt issue more than once, if it were to hurt the consumer by reporting more than once. I also wonder whether CRA is allowed to report same item even by additional CA as same debt can be sold again from one CA to another CA.

Since these days there is an scoring system, the score with two negetive items will be lower than one negetive item, can it be a used against CRA for legal action for damage as two items refer to the same debt?

[admin]

You are right, they do not specifically spell this out. However, they can't repeated report things over and over again as this would damage your credit unnecessarily, causing you undue harm.

They can report the OC's tradeline and a collection for this tradeline, though.

[vixenmartine]

I was wondering about student loans also. Can they report the same loan twice or even three times. I know that they are governed by a different law but does it specify that they can have multiple entries for one loan disbursed over two semesters?

[admin]

Vix, if it's the same loan and not the same loan and a collection, then no they can't repeat it. The CRAs should take this off if challenged.

[Slow Eddie]

once again, slow eddie is bringing back a thread from the dead...

you say that 2 tradelines can be on your credit report for the same debt, but what about 3?

for example, the OC assigns collection agency X to the account.. at this point the OC has a tradeline and CA X has a tradeline.. CA X unsuccessfully collects any money, and the account goes back to the OC who then sells the account to CA Y.. CA Y adds a trade line to your credit report..

now you have 3 negatives over one account.. what can you do in this situation?

- eddie -

[kimber6337]

Validation on the CA that doesn't hold the debt anymore. It should be removed. I told the CRA on mine that the CA didn't hold the debt anymore and the OC recalled it. It went through their validation process and was removed. They didn't have it, therefore they couldn't validate it.

[phuckenet]

Similar to Eddie, I have 10 instances of my 2 Stafford student loans on my CR (all listed as installment accounts not collection)-- 3 by the guarantee agency that I'm rehabbing through, and 7 from OC's (not CA's). The loans were bought and/or transferred (not by me) from Creditor"A" to "B" (where I defaulted), then to crditor "C" (late120), and then finally to the Guarantee Agency(GA). I have 2 delq and 5 derog and 3 current instances for what is actually 2 loans. All of the Creditor's open dates are the same 2 actual original loan dates so they are obviously the same loans, should I go through Validation with Creditor B and C who don't hold the debt anymore (A is paid current 0 bal) or directly with the CRA's? OR am I stuck with a Col/ChOff littered CR since none of the listings are from CA's?

My GA also stated that once rehabbed my loan will go to back to OC "C" ,currently a Col/CO with a 120late time line, will that time line be deleted after rehab or should I try and get it deleded now since OC "C" doesn't have the loan(s)? Confused? me too.

I' not worried about the GA's reporting as those should be deleted in 5 months when the loan rehabilitation is complete.

So should the other negative occurances according to my GA, but I am very skeptical of that happening. If I would have got a forbarance while unemployed 5 years ago, I'd have 6 paid current installment accounts associated with this albatross.