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Two negatives on same debt

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goodnatured



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Subject: Two negatives on same debt
 
Posted on Thu Mar 13, 2008 1:38 am  

If a company buys an old debt should it be showing up twice on my credit report, it is showing two negatives for the same debt, this does not seem fair, if the original creditor decides to sell the debt and the buyer starts reporting it should all be reported under one entry, I have disputed an incident like this on my report, has anyone seen this happen before? Is there any other course of action that I should take???? any help would be great????
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Morningstar

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Posted on Thu Mar 13, 2008 4:09 am  

Pretty sure the OC can report, and the current collector can report. I doubt that your FICO would suffer, because the account/debt/collection/charge off/whatever is still the same item.
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Richard
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Posted on Thu Mar 13, 2008 8:41 am  

Two negatives on the same account is quite common. The OC can keep reporting even if a CA has bought the debt and is reporting it. This does not change any effect on the score as the debt is treated as one.
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fireyone



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Posted on Fri Mar 14, 2008 11:55 pm  

Thanks for your post goodnatured. This answers my question too. I don't feel that both places should be allowed to report but from visiting here at this forum I see this isn't unusaul. Good luck on becoming debt free.
goodnatured



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Posted on Sat Mar 15, 2008 12:42 pm  

That is a relief to know, sometimes these collections can be sold over and over again and again. I was really irritated when I saw this and thought it was really unfair.
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fireyone



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Posted on Sun Mar 16, 2008 1:50 pm  

You would be surprised just how amny times these debts can be sold. I think my original debt has been sold off at least ten times now in its 9year history. Yes it is unfair. I think once the original creditor sells a debt that only the purchaser should be able to list it, of course they should list the OC and original date too. Maybe have a little note there stating that it was a purchased debt, when it was originally opened and date of last activity. That way it would be harder for the purchaser to renew the debt. I wonder if this is maybe why they list both?
Morningstar

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Posted on Sun Mar 16, 2008 4:16 pm  

Quote:
You would be surprised just how amny times these debts can be sold. I think my original debt has been sold off at least ten times now in its 9year history. Yes it is unfair.


Unfair? I think it is a great thing.
A company can unload a bad asset onto another company willing to roll the dice...in the shuffle, a lot of debts that could have once ended up in a courtroom do not, for lack of proper paperwork.
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fireyone



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Posted on Tue Mar 18, 2008 12:22 am  

True you make an excellent point here Morningstar.
sdchargers_63

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Subject: cr
 
Posted on Tue Mar 18, 2008 1:25 am  

This does ease MY worries, too..........knowing if you have a 'negative' account, by the OC and a CA, this doesn't affect your score. 'Morningstar'.........since this DOES NOT affect my score, do you think it would be worth it to 'dispute' the OC? I was thinking..just one LESS 'negative' issue, on my CR.
Morningstar

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Posted on Tue Mar 18, 2008 4:29 am  

It doesn't usually hurt to try. But I'm lazy, and will not be in need of a loan for a few years, so in my case, my negative will fall off (if it hasn't already) well before it will affect my next application for credit.
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sdchargers_63

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Subject: cr
 
Posted on Tue Mar 18, 2008 9:55 am  

Well...I'll try anyway. Thanks for the advice, 'Morningstar'. BTW...it doesn't hurt to be lazy!! You're allowed to sometimes..LOL Besides, ( I don't know if this means anything) the account that shows the OC AND CA are different amounts. The amount, with the CA is lower than the OC. I don't know..I think I WILL try and 'dispute' it....just cuz the amount is wrong. I have proof ( in writing) that the amount, by the CA, is correct.
fireyone



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Posted on Tue Mar 18, 2008 10:24 am  

sdchargers, mine is almost like yours except the amount from the CA is $1.00 more than the OC. All the info on the CA is right (OC, Date of last act and so on) except the dollar. I wish mine would hurry up and fall off. That will be this August. I keep getting different feedback on it from the posts here. Some say they can still come back and sue me and I will still have to hire a lawyer and prove it is out of SOL. We all know how expensive lawyers can be.
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Posted on Tue Mar 18, 2008 10:49 am  

I think you can try a dispute at this stage Wendy. If it does not hurt your score.
Morningstar

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Posted on Tue Mar 18, 2008 5:52 pm  

Quote:
Some say they can still come back and sue me and I will still have to hire a lawyer and prove it is out of SOL. We all know how expensive lawyers can be.


They can, but the vast majority of debts beyond the SOL do not end up in court. To inform you is to prepare you, not to scare you.

If you are certain that the debt has passed the SOL, you can send a cease and desist letter, including a reference to the expiration of the SOL. What will likely happen is that the collection agency who owns the debt will then sell it to another collector. When the new CA contacts you, repeat the letter.
fireyone



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Posted on Wed Mar 19, 2008 12:29 am  

Thanks morningstar that makes me feel so much better. You don't know how much sleep I have lost over this. I thought about sending a cease and desist but figure if I do they would sell it and the next CA would just start calling relatives again. My family can be pretty uppity at times and it makes me feel like crap when they say "a collection agency called".
I moved recently and got someone else's number who must of had credit problems. I thought it might be one for me since it came up "Georgia" so I didn't pick it up. Well they left a message for the previous owner of my number saying this is attorney so and so and we need to speak to "kevin" immediately and so on. I wonder if they leave those same kind of messages on my relatives machines. I thought they weren't allowed to do this. Am I wrong?

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