LOUISIANA OLIVE OIL Posted April 9, 2011 Report Share Posted April 9, 2011 I have a question. I have a BOA account that was charged off and sold to Arrow Financial Services. Both of these accounts are listed on my credit reports. My question is are these duplicate accounts or not? Thanks Link to comment Share on other sites More sharing options...
Guest usctrojanalum Posted April 10, 2011 Report Share Posted April 10, 2011 BOA should be reporting as sold/transferred to another lender and the balance they should be showing as outstanding is $0. Link to comment Share on other sites More sharing options...
Namvet65 Posted April 10, 2011 Report Share Posted April 10, 2011 I have a question. I have a BOA account that was charged off and sold to Arrow Financial Services. Both of these accounts are listed on my credit reports. My question is are these duplicate accounts or not? ThanksHow do you know it was sold to Arrow ? Has Arrow provided you with any proof they have purchased the account... authenticated Bill of sale, purchase agreement, etc ? have they shown how much they paid for your account or otherwise demonstrated "valuable consideration paid " ? Also who at Arrow Financial has "personal and first hand knowledge" that the amount so stated in their claim is accurate , and can or will sign a sworn affidavit to that effect ? Have you ever signed an agreement with Arrow re: this alleged account, or have you ever made any payments to Arrow on this account ?You really need to investigate this matter further.... Link to comment Share on other sites More sharing options...
BV80 Posted April 10, 2011 Report Share Posted April 10, 2011 How do you know it was sold to Arrow ? Has Arrow provided you with any proof they have purchased the account... authenticated Bill of sale, purchase agreement, etc ? have they shown how much they paid for your account or otherwise demonstrated "valuable consideration paid " ? Also who at Arrow Financial has "personal and first hand knowledge" that the amount so stated in their claim is accurate , and can or will sign a sworn affidavit to that effect ? Have you ever signed an agreement with Arrow re: this alleged account, or have you ever made any payments to Arrow on this account ?You really need to investigate this matter further....All of the above is not necessary to prove ownership of the account and the right to report it to CRAs. If Arrow cannot prove they own the account, they cannot prove they have the right to report. Link to comment Share on other sites More sharing options...
Lian Posted April 10, 2011 Report Share Posted April 10, 2011 Is Arrow a creditor or a debt collector?Multiple parties can, and do, report on the same debt. They are entitled to report their activites while they have ownership of debt or collection authority.Most common is an OC who either assigs of sells the debt to a debt collector. The OC can post delinquencies on the account, then a charge-off, and then assign or sell the debt to a debt collector. The debt collector can then report to the CRA.Creditors and debt collectors dont have to provide proof in order to report to a CRA. They are bound by law to accurately report, and the CRAs assume that their reporting is compliant.I am assumng that Arrow is a debt collector. If so, you can usually tell from your CR whether or not the OC sold the debt to the debt collector, or just assigned collection authority to them. If the OC sold the debt, they are required to update the balance to $0 with the CRA.Whether or not the debt was sold really has no effect on their credit reporting. The debt collector is authorized to report their collection in either event, and the OC account reporting would also still remain. Link to comment Share on other sites More sharing options...
voidjudgment Posted April 10, 2011 Report Share Posted April 10, 2011 How do you know it was sold to Arrow ? Has Arrow provided you with any proof they have purchased the account... authenticated Bill of sale, purchase agreement, etc ? have they shown how much they paid for your account or otherwise demonstrated "valuable consideration paid " ? Also who at Arrow Financial has "personal and first hand knowledge" that the amount so stated in their claim is accurate , and can or will sign a sworn affidavit to that effect ? Have you ever signed an agreement with Arrow re: this alleged account, or have you ever made any payments to Arrow on this account ?You really need to investigate this matter further....You seem knowledgeable, I was told that when a Bank certifies to the IRS that a debt is worthless, that is takes a total write off, that post charge off they can no longer accrue interest. Is that correct? Link to comment Share on other sites More sharing options...
voidjudgment Posted April 10, 2011 Report Share Posted April 10, 2011 All of the above is not necessary to prove ownership of the account and the right to report it to CRAs. If Arrow cannot prove they own the account, they cannot prove they have the right to report.How does a collection agency prove it owns a debt in a credit card lawsuit? Can they just sue without having evidence of owning the debt? How can they get out of a lawsuit if the debtor challenges ownership and they don't have proof? Link to comment Share on other sites More sharing options...
voidjudgment Posted April 10, 2011 Report Share Posted April 10, 2011 Is Arrow a creditor or a debt collector?Multiple parties can, and do, report on the same debt. They are entitled to report their activites while they have ownership of debt or collection authority.Most common is an OC who either assigs of sells the debt to a debt collector. The OC can post delinquencies on the account, then a charge-off, and then assign or sell the debt to a debt collector. The debt collector can then report to the CRA.Creditors and debt collectors dont have to provide proof in order to report to a CRA. They are bound by law to accurately report, and the CRAs assume that their reporting is compliant.I am assumng that Arrow is a debt collector. If so, you can usually tell from your CR whether or not the OC sold the debt to the debt collector, or just assigned collection authority to them. If the OC sold the debt, they are required to update the balance to $0 with the CRA.Whether or not the debt was sold really has no effect on their credit reporting. The debt collector is authorized to report their collection in either event, and the OC account reporting would also still remain.How many collection agencies can own a debt simultaneously? I was just wondering because I have been told that sometimes 3 or 4 entities come after debtors for the same debt. How should a debtor handle such a situation? Link to comment Share on other sites More sharing options...
BV80 Posted April 10, 2011 Report Share Posted April 10, 2011 How does a collection agency prove it owns a debt in a credit card lawsuit? Can they just sue without having evidence of owning the debt? How can they get out of a lawsuit if the debtor challenges ownership and they don't have proof?The poster asked a question about his credit report. It had nothing to do with a lawsuit. Link to comment Share on other sites More sharing options...
Lian Posted April 10, 2011 Report Share Posted April 10, 2011 I am not aware of any debt collectors who purchase only a partial interest in a debt. That would make collection very difficult for them, requireing their coordination with whatever party owned the remaining party, and would not permit them to ever designate a collection as paid in full. Only the party who owns an interest in the debt can collect on it at a point in time.However, one frequently sees a string of debt collectors reporting on their serial collection authorty. Link to comment Share on other sites More sharing options...
Namvet65 Posted April 10, 2011 Report Share Posted April 10, 2011 (edited) I received 3 dunning letters FROM THE SAME CA within a week claiming to be collecting for 3 different JDBS who claimed to own THE SAME ACCOUNT !I replied with copies of all 3 letters, telling them that "when they decided which one actually owned the account, to get back with me and we would look into it further" I also reminded them that in view of these 3 letters, that US Mail Fraud might become an issue unless I had an explanation within 30 days.They explained... by replying that "they were closing the matter and apologize for the inconvenience, no further communication will be forthcoming. Thank you for giving us the opportunity to reply"I have to give this CA an A+ rating because they kept their word....NO FURTHER COMMUNICATION in over 4 years ! LOL !! Edited April 10, 2011 by Namvet65 Link to comment Share on other sites More sharing options...
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