Can collection agencies report this?

[highwire8]

I have a problem with multiple entries on my credit reports. I have settled accounts w/ collection agencies, yet both they and the originial creditors are reporting negative information on my credit reports. Are they allowed to both be reporting the same debt, even though it has been settled?

[breathing_easier]

Unfortunately, yes, both the OC and CA can report the same account. However, the OC's TL must report a $0 balance and, if they sold the account to the CA, must report it as "Account Sold or Transferred."

[get A·non·y·mous]

Unfortunately, yes, both the OC and CA can report the same account. However, the OC's TL must report a $0 balance and, if they sold the account to the CA, must report it as "Account Sold or Transferred."

Any idea if this can be applied to refurbished student loans?

LyninMN from student loan board is telling me it does. My old loan holder is telling me it doesn't.

[breathing_easier]

Any idea if this can be applied to refurbished student loans?

Unfortunately, I don't have any experience with student loans and don't know the answer. If I were to guess I would say that the credit grantor of a student loan is the same as any other OC. However, I will let someone who has had experience with this reply.

[Micheala]

I had the same thing with my student loans. They were all Federal Loans. After I refurbished them all negative notations on the account were deleted as well as all collection notations. I had to contact the FSA and request that this information be removed. They required copies of my credit reports, and it took about three months from the date the loans were refurbished until all negative notations were off my reports. I had 13 loans in default.