Brett1965

Is it legal for the OC and a collection co. to post the same account on a credit report

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 I have HSBC (OC) and LVNV(collection Co.) posting negative information for the same account. HSBC sold the account to Sherman Financial back on 04/14/2010 and stated in a recent letter that all balances due were transferred as well to Sherman Financial and all future inquiries should be sent to Sherman Financial. I do not see Sherman Financial on any of my credit reports for this account, but I do see the account listed with LVNV as a collections account. My question is can HSBC and LVNV list the same account twice on my credit report? And how can I have one of them removed? I prefer HSBC to be removed since they sold the debt. Please help......... 

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So legally they can post this debt/account twice. I have no problem paying for a deletion with the CA, but how do I get the OC listing off since the monies will go to the CA and not the OC?

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So legally they can post this debt/account twice. I have no problem paying for a deletion with the CA, but how do I get the OC listing off since the monies will go to the CA and not the OC?

You might get lucky disputing them, but most likely both will stay on your report until 7 years after the last payment. The listing by LVNV on your report is actually as a junk debt buyer and not a collection agency. They have several different companies that may send you letters or try to contact you by phone as collection agencies.

 

http://www.creditinfocenter.com/community/topic/306316-list-of-sherman-companies/

 

If it were me I wouldn't pay LVNV/Sherman a dime since the only paid around 3% for the original debt. I would keep all the letters they send you and keep any messages they leave on your answering machine. Then look for FDCPA violations,  take them to a consumer attorney and sue them. If you do it right you can get a little money and get the debt cancelled. 

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I agree with Art.  You can dispute the OC's entry, but there's no guarantee it will be deleted.  Hopefully, it will be, but there's no way of knowing until you dispute.

 

The reason more than one entry for an account (such as an OC entry, CA entry, and JDB entry) can be on your CR is because our credit reports are our credit history.  The OC originated the account.  That's a history.  If the account was sent to collections, the CA's entry becomes part of that history, as well.  The same applies to a JDB who purchases the account.

 

Believe me, none of us like it, but it's legal.

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LVNV is owned by the Sherman Group, along with about ten other companies. And yes they can report the account in their name.

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Has this been challenged or is it now just accepted as proper? Someone is being penalized twice for the same debt or no debt at all. The JDB's did not extend credit to anyone as all they did was to buy debt from the "poisoned well". Everytime a JDB sells the debt will create another collection or charge-off entry?

 

Sherman/LVNV/etc is NOT a creditor!

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You're correct.  They are not creditors.   However, neither are collection agencies, yet they can report. 

 

You can dispute tJDB entries, but if you want the entries deleted based upon the fact that you claim they don't own your account, you'd have to pursue that claim in court.  Credit reporting agencies are not required to get that proof from a JDB.

 

Yes, every time a JDB sells the debt, another JDB can report.  BUT, every entry related to that account will fall off when the OC's entry falls off.  All collection and JDB entries are based upon the date of first delinquency reported by the OC.

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