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Can a Creditor report if they no longer own the account.


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Been looking for an answer on this for sometime and can not find it.

If an OC sold off the debt to another company do they still have the right to report a TL? I was under the assumption that the new creditor should be reporting this and not the OC.

To take it another step further what happens if the OC went out of business and this resulted in a new company taking over the debt. Wouldn't the new company have to add a TL with their info or could they just keep updating the original TL.

I guess what I am asking is, is it legal for a company to update or report on a TL if they don't own the debt.

Example Company ABC owns a debt and then goes out of business. Company XYZ buys the debt and then keeps reporting on Company's ABC TL on your report. Shouldn't the TL that shows ABC be removed and replaced with a TL from XYZ?

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