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    alana1970's Avatar
    alana1970 Posts: 31, Reputation: 1
    Junior Member

    May 19, 2008, 11:46 AM
    Information on creditors on credit report
    I have an old account with chase that was sold to a collection agency about a year ago and now it has been sold to another collection agency. I checked my credit report and chase is listed there I heard that if the debt is sold that they shouldn't put it on your credit report. Is this true? The collection agencies are not there just chase.
    progunr's Avatar
    progunr Posts: 1,971, Reputation: 288
    Ultra Member

    May 19, 2008, 11:50 AM
    I don't understand why you would rather have an account listed in collections rather than it still being listed under the original creditor?

    It will stay on your credit report either way.

    I don't see any benefit or harm to you with the account still showing under Chase.

    As long as it remains unpaid, it will remain on your credit report, one way or the other.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man

    May 19, 2008, 12:42 PM
    I don't know where you heard this, but its not true at all. Generally the original creditor is left on the report so the debtor can identify it. Whether it goes on the report or not is up to the owner of the debt.
    TheCleaner's Avatar
    TheCleaner Posts: 152, Reputation: 3
    Junior Member

    May 26, 2008, 12:30 PM
    That's wrong the same account can not be listed twice that is call duplicated listing and can be disputed with the CRA.

    If the SOL for your state has pass You need to start sending validation letters and get everything deleted.

    Go to they have good info in there
    Loan_Guy's Avatar
    Loan_Guy Posts: 83, Reputation: 6
    Junior Member

    May 26, 2008, 03:56 PM
    That's wrong the same account can not be listed twice that is call duplicated listing and can be disputed with the CRA.

    It is possible for the OC and the CA to both be on the report. Here is one possible way:

    Chase is the OC. There are late pays (30, 60, 90, etc.) and even potentially a charge-off. This CAN stay on the report for up to seven years. It may even have a notation of "sold".

    Said CA may (or may not) report the debt as a collection. They have a right to report as long as they are 100% in compliance and can legally collect on this debt (slim chance).

    So, it is possible for them to both be on the report. See it all the time!

    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692

    May 26, 2008, 05:35 PM
    To be sure some incorrect info gets corrected, yes it can show up at times from both.. Often it will not, but it can happen. But you can dispute it, and if sold they most likely will not respond.

    Also the SOL does not mean it will be deleted, they are allowed to keep it on the report for 7 years from last activity, the SOL does not effect their ability to have it listed that long.
    TheCleaner's Avatar
    TheCleaner Posts: 152, Reputation: 3
    Junior Member

    Jun 4, 2008, 06:30 PM
    If the collection agency reports a balance the original creditor must report zero balance they can't just duplicate the account. My comment about SOL was only intend to point out that many CAs use to answer a validation letter with a lawsuit if the letter is sent before expiration of the SOL, some CAs answer with a lawsuit anyway even with the SOL expired wich is a violation of the FDCPA, when they do in the hopes of dealing with an ignorant consumer you can have the suit dismished and contra-sue the CA for FDCPA violations.

    This whole thing is based on the fact that banks are required by law to keep records on closed accounts for only 18 months. Keeping records cost money. To my knowleage only Capital one keeps recods forever 99% of the banks get rid of them in two or three years.

    Alana needs first to check what is the statute of limitation for open end credit contracts in the state she or he is living at and what is the first delinquecy date of the account

    If the SOL is over start by disputing both accounts with the CRAs

    When the disputes come back as "verified stays as it is" or "updated" send a FACTA investigation letter to the Chase and a FDCPA/FACTA validation letter to the CA

    At this point if Chase doesn't have copies of the signed original application for credit and the last statements they will delete

    The CAs use to be a little harder to get rid of, after 15 days send them a follow up letter to remain them that under the FCRA they must respond in 30 days.

    Most likely they will not respond but you can not sue for that, there is no private right of action under that part of the FCRA.

    Next, you send a cease and desist letter to the CA, since they had no validate the debt they can't report, at the same time file complaints on line with the better business bureau and attorney general and put the account in dispute with the CRAs

    They will respond this time to the BBB and AG with some kind of bull, but at that point the account will be gone from your reports. The whole process takes about 3 months and about maybe $50 in certified return receip letters

    Under American consumer laws if there is no Signed Credit Agreement to prove that you borrowed money and last statements from the OC to prove how much you own there is no way to legally report anything to the CRAs or collect anything, only the ignorance of the average consumer allows the collection agencies to do business in the way they do

    It is simple as that, I managed over the last 3 and a half months to get my FICO score from 570 to 778, it took many certified letters and a $1500 payment on two of my good open accounts, just to reduce the debt/credit ratio under 17%.
    Now there is no derogatory info in my reports at all, all the charge off were from 2004 when I had a hard time with my company.


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