betam4x Posted January 17, 2008 Report Share Posted January 17, 2008 I am a bit confused. I disputed an HSBC account that was charged off and sold to a debtor. I got the following letter. I am also DVing the collection agency and I am wondering if this can be used as evidence to stop the collection agency.----------------Dear betam4x,We are writing to you regarding your Account Number xxxxxxxxxxxxxxxx issued by HSBC Bank Nevada, N.A.We have received notification from TransUnion that you are disputing your Orchard Account.The information we received from the credit bureau did not specifically explain your dispute. We have researched our Account records and determined that your Account is reporting to the bureaus as follows:Account was sold to First Financial. You may contact them at 800-542-8714 with any further questions. Our records indicate that the Account has a zero balance.If you still dispute this item, you may write to us atHSBC BankAttention: Bureau Dispute ProcessingPO Box 5253Carol Stream, IL 60197------------------I am a bit confused. They say the account has a 0 balance. Should i continue disputing? Also, since they claim the account has a 0 balance does that mean that the collection agency can't collect? Link to comment Share on other sites More sharing options...
VeVe Posted January 17, 2008 Report Share Posted January 17, 2008 No, the zero balance with HSBC is because they sold your account. They're correct. Do your credit reports show a $0 balance? They should, if not, then you have an issue. The collection agency should have the balance that was charged off (may be higher if they're adding interest). You should negotiate a low amount with them to try to settle along with a PFD and an agreement that they won't sell the remainder of the balance. HSBC won't take the account back after it's sold, and paying off the CA is the only way to get rid of one of the tradelines. Link to comment Share on other sites More sharing options...
betam4x Posted January 17, 2008 Author Report Share Posted January 17, 2008 Ah but it's more complicated then that.The CA trying to collect is different than the CA they sold it to. The CA they sold it to appears to be : Atlanta First Financial Asset Management, Inc.The CA trying to collect is Empire Solutions.I am in the DV process AND I am within my 30 days. it hasn't been reported with the CRAs yet. Can they report it after they receive DV? Link to comment Share on other sites More sharing options...
VeVe Posted January 17, 2008 Report Share Posted January 17, 2008 Ah but it's more complicated then that.The CA trying to collect is different than the CA they sold it to. The CA they sold it to appears to be : Atlanta First Financial Asset Management, Inc.The CA trying to collect is Empire Solutions.I am in the DV process AND I am within my 30 days. it hasn't been reported with the CRAs yet. Can they report it after they receive DV?That happens. A CA will sell it to a CA who will sell it to a CA who will sell it to a CA... This will keep happening until you pay/settle with one of them. Link to comment Share on other sites More sharing options...
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