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Sig

Joined: 25 Aug 2007
Sig's page
Posts: 14

1040 Magic Points

Subject: Changing collection agencies

Tue Sep 04, 2007 9:33 pm

I just recieved a letter in the mail where it looks like one agency bought an account from another agency. Wouldn't the old agency have to come off my report?

cajunbulldog

Joined: 30 Aug 2007
cajunbulldog's page
Posts: 35
Location: Louisiana

-10 Magic Points

Wed Sep 05, 2007 11:30 am

Under the consumer data industry association standards of reporting,a agency no longer collecting should remove their account.I have no case law basis for this just an industry standard. This info is from the Metro 2 format guidelines. You can go to cdiaonline.org to download the book since I cannot upload the pages referencing this on the board.
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Cajunbulldog
Keeping an eye out for consumers.

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1334

35466 Magic Points

Thu Sep 06, 2007 6:43 am

As soon as the debt is sold the agency has to take their account off because the debt does not belong to them anymore.

Thanks a lot Cajun for the information. It helped me to grasp a lot that I really did not know.
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Laura.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: debt

Fri Sep 07, 2007 12:03 am

Ok, so...if you have been dealing with a CA, about a negative account, and THIS CA 'sells' it to ANOTHER CA, who do you ACTUALLY deal with now?? For example..if you were making payments on a account and the account was 'sold' to another CA, before it was PIF, then who do you deal with, to take care of the account?? ( Is this too confusing a post??)

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Fri Sep 07, 2007 5:04 am

Wow I am back after a long time. Smile

sdchargers>> your post is not confusing at all. If your debt is sold off by CA1 to CA2 before PIF then you have to deal with CA2 and not CA1. In this case CA1 has to close down on the account and terminate any further reporting to the CRA. They cannot of course collect on this debt anymore.

Is this better Question

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Carol

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1334

35466 Magic Points

Fri Sep 07, 2007 5:18 am

The new collection agency that buys the debt has to be dealt with. Simple enough...if the debt is sold of then it does not belong to that CA anymore. So you have to deal with the CA that has bought your debt.
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Regards,
Laura.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: debt

Fri Sep 07, 2007 4:52 pm

I catcha!!!! Well.....I thought that's how it was. As I posted, in a few places, I had a debt with Cash Call. They 'sold' my account to a CA. HOWEVER.....recently I recieved a call from CC ( haven't heard from them in ages!! LOL) and they say they STILL have my account. I do have proof, from the CA, who 'bought' the loan. I told Cash Call that. I also spoke to a rep, at the CA and they said they would "call Cash Call ", for me. I heard back from the CA.............Cash Call claims they have never heard of this CA AND hung up on them!! BOY!! I'll tell ya!! Anyway....I'm having GREAT success, dealing with this CA, paying off this debt.

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1334

35466 Magic Points

Mon Sep 10, 2007 5:47 am

Beware. I smell some danger here. I understand that the debt has been sold to the CA but Cash Call does not accept it though. CC might keep popping in claiming the unpaid debt. Just keep all the documents from the new CA that are being used while repaying the loan.
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Regards,
Laura.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: loan

Mon Sep 10, 2007 3:00 pm

CC does NOT 'own' the loan, anymore, even though they have told me to " continue to make paymnets to them." NOPE..I don't. Actually...CC isn't suppose to contact me anymore, about this debt. The CA, I'm working with is great....really trying to help me with this. I even have paperwork/e-mails, stating that CC 'sold' the loan and " no longer is a holder". "Keep all the documents." You betcha!! Thanks, Laura.

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1334

35466 Magic Points

Tue Sep 11, 2007 4:21 am

thats great Wendy. I hope things work out and you get rid of the debt burden without much hassle. Its good that the CA is working with you.
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Regards,
Laura.

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Tue Sep 11, 2007 4:25 am

Its news if a CA is behaving good with you and is willingly working with you. Im glad that its happening. After a long time im seeing someone not complaining about a CA. Lucky you...
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Carol

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: debt

Tue Sep 11, 2007 9:52 am

Believe me, I'm relieved, about this myself!! Finally..I can 'get somewhere', on my credit!! LOL Thanks to everyone's support!!

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