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Double dipping?

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Krayon72



Joined: 27 Mar 2007
Krayon72's page
Posts: 1



32 Magic Points

Subject: Double dipping?
 
Posted on Tue Mar 27, 2007 1:51 am  

When a company has already submitted a charge off to your credit report, can a second collection agency report it again on a credit report?
stanley
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stanley

Joined: 23 Feb 2007
stanley's page
Posts: 54



3357 Magic Points

 
Posted on Tue Mar 27, 2007 11:18 am  

Perhaps yes, the creditor reports it as Charged Off 0 balance and collection agency or the debt buyer again report it. However, if the account keeps rolling from one debt buyer to another, then they cannot report it again.

You can call the credit bureau at ask for their feedback on this as well. Do let us know what they say.
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Stan
BTW, I am not a lawyer, I am here to share what Life has taught me.
ParkAvenue
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Joined: 26 Mar 2007
ParkAvenue's page
Posts: 47
Location: Florida


3873 Magic Points

 
Posted on Thu Mar 29, 2007 2:35 am  

Quote:
When a company has already submitted a charge off
to your credit report, can a second collection agency report
it again on a credit report?


After a charge off, the Original Creditor (OC)
may continue to report the account with a $0 balance,
until the federal Reporting Time Period ends.

The first CA reports $XX balance. After the first CA
stops collecting, it must remove its collection
account. Then the second collection agency may begin
Reporting.

Although the OC and one CA may Report at the same time,
Two CAs may NOT report the same debt at the same time.

Hope this helps.

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