what should a collected account say?

[schellmis63]

Here is an example

Original creditor sold account to a collector, you agree to pay the collector

through another collector,, how should that 1st CA report it?

On my CRA I have the OC as charged off, then the CA it says Charged off, the third CA that is supposedly collecting for the CA is not reported.

If a company reports it as charged off?? Where is the money going? I am assuming the the third party CA is keeping the money,, right?

Geesh, I hope this is not confusing, Since I cannot get any validation from anyone I have to play detective and find out who has my money myself.

[breathing_easier]

Was this account sold by the OC? If so, then the only way the OC can report to the CRAs is "Account Sold or Transferred." Same if the first CA sold it to another CA.

[schellmis63]

yes the original OC sold the account to CAP1 (collector now) and they are actually treating this like it was an opened account with them.

There reporting

Account Name Capital One Bank

account number xxxxxxxx

Type of Business Bank Credit Cards

Terms revolving

Account status closed

Monthly payments $0

Date opened 2002

balance $544.00

Balance date 2004

Credit limit/ not reported

Payment status charge off

Now I never had an opened account with them,, they bought this debt and I am paying their collector.. this is rather confusing to me, this looks like they opened a new account for me,, and then charged it off

Like I said, no one is validating this account for me. So I am trying to figure this one out,, and get violations on some bodies axx!

[breathing_easier]

I don't have any collection accounts on my reports, so that's one battle I haven't had to fight. However, I don't believe a CA can report the status as a "Chargeoff" and that they can only report it as a "Collection." CAs like to think of themselves as having stepped into the shoes of the OC after purchasing an account, but they're nothing more than junk debt buyers, plain and simple.

[schellmis63]

I agree, well i sent validation letters to both, asking for validation and they must follow the FDCPA rules. I am worried that I have a good account with them and they might pull somelthing

[breathing_easier]

I am worried that I have a good account with them and they might pull somelthing

I'm not quite sure what you mean?

[retmar]

Crap1 has bought CO's from other CC's. They would then contact the consumer and offer them a new account which would start with the amount you owed. The debt would be treated as a current account. At such time as the debt was paid, they would treat as a open CC account with the limit usually around the amount you owed. If this is true, then they are not acting as a CA, so the DV will have no effect.

You will need to clarify with us as to how this debt originated in the very beginning. Don't include personal info, but, tell us exactly what this is. Include the OC, CA #1, CA #2, etc., and everything you remember as to what was sent, said, and so on. This way we can figure this out and give you the best avenue of approach to get this cleared up.

[schellmis63]

This debt was originated by an OC/Providian then it was delinquent and Cap1 bought it. I was contacted by their suposed law firm, and they said that they were collecting for Cap1. I agreed to pay them a set amount each month. Never recieving a statement from them monthly, unsure where my money is going. I asked for validation two times. I asked thier attorney for this information, So I will call these guys CA#2. I have a new card by Cap1 but never was given a balance forwarded to that account. Now on my CR report it states that this account with CAP1 is in charge off and no payment history. Who has my money?? If I am paying CA#2 that calls themselves a law firm, I am to assume that they are collectors and they are keeping my money. Which is under false pretenses. How will I find out where it is?? This is a tough one for me to figure out. I have been paying on this debt in good faith each month and as we all have learned some way or another NOT TO PAY THEM.. they cheat for your money and will not give you the respect of doing the right thing.