Jump to content

collections - repeated twice on CR


gsg
 Share

Recommended Posts

Original creditor Household Orchard is showing collection on my Credit reports, the same account is repeated again with Collection Agency Asset Acceptance Corp. I had written to the TransUnion and Equifax and Household and Asset Acceptance without any success. Can any one help me to clarify about this, can a collection account be represented by both the OC and CA. Thanks in advance.

Link to comment
Share on other sites

That is correct. Both the OC and the CA can both be listed on the same CR for the same account. If the OC sold it the OC's TL should read 0 balance and sold/transferred.

Why is this allowed? My guess would be that it's in Big Businesses best interest that consumers scores are low so that they can charge higher interest rates. Therefore it is in the CRA's best interest to allow this to keep their main customers happy. Also the CRA's get paid per listing.

Link to comment
Share on other sites

Guest mikey
That is correct. Both the OC and the CA can both be listed on the same CR for the same account. If the OC sold it the OC's TL should read 0 balance and sold/transferred.

Why is this allowed? My guess would be that it's in Big Businesses best interest that consumers scores are low so that they can charge higher interest rates. Therefore it is in the CRA's best interest to allow this to keep their main customers happy. Also the CRA's get paid per listing.

so, you mean to tell me that if it gets passed a round and sold to different CAs, it can be listed by each one...then the same debt be listed several times? not right at all...one debt, one listing. thats the way it should be. if you had only one debt, it would make you look like you have several debts.

Link to comment
Share on other sites

Technically, yes. As long as each entity who bought the debt lists it as "Charge off, $0/ sold to another lender" they can, IMO. It is unfair, but it is the way the business works. Learn the rules and learn to use credit wisely- the banks will hate you because they won't make much money off of you, but...

Link to comment
Share on other sites

so, you mean to tell me that if it gets passed a round and sold to different CAs, it can be listed by each one...then the same debt be listed several times? not right at all...one debt, one listing. thats the way it should be. if you had only one debt, it would make you look like you have several debts.

It stinks, but yes. They can be listed by each one. :?

Link to comment
Share on other sites

"...one debt, one listing. that's the way it should be..."

Repeat after me, Nothing about credit is fair...Nothing about credit is fair...Nothing about credit is fair...

Consumer Files kept at the CRA's have a record of various account's History, not just it's current status. So, the OC may post the account IF the balance is $0 (or shows "paid"). There might also be a "transferred/sold/assigned" notation, but this is not a necessity for legal reporting.

It is not unusual to see for one Originating account:

OC TL 0$ "transferred...", date account (originally) opened, date transferred OR current date AS the "date last reported".

CA #1 TL $0 "transferred...", date they acquired the account, date transferred OR current date AS the "date last reported".

CA #2 TL Current Balance, date they acquired account, original reporting date OR current date as their "date last reported'.

Add as many CA's in between #1 & #2 as you wish. All would be legally reporting. This is good incentive to avoid collections all together. All the TL data must be correct, including dates.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.