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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????
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.
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.
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.
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.
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?
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.
True you make an excellent point here Morningstar.
cr
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.
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.
cr
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.
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.
I think you can try a dispute at this stage Wendy. If it does not hurt your score.
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.
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?
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".
While it is a personal choice as to whether or not to pay cash, there is still a cost (as in your situation) associated with not paying financially. Instead of a full cease and desist letter, you could demand that the CA not call anyone at all, yet still permit communication through the mail--be sure to make the agency aware that you know that the SOL has expired. As an aside, I'm pretty certain that contacting a third party after contact has been made with the debtor is a violation of the FDCPA. You may want to consider looking for an attorney.
Partially correct. They can call up the debtor directly in case he does not have a legal rep to face the CA.
Again they cannot ask anything more than your contact details from your relatives. That would be violation of FDCPA.
Again..they do call and send me mail directly but they also call others too. I am hoping to get on my feet sometime this year and would actually like to be rid of this whole situation. I thought about once I had enough saved contacting them and seeing if they will reduce the debt. This card was taken out when we were going back and forth to the hospitol for cancer treatments. It was primarily used for gas. It was originally only a $300 card..now it is in excess of $1600. Mostly they refuse to lower it much at all. They send letter occasionally wanting $1100 but it makes me angry cause of how much they added. I tried to take care of it back in the day but it just kept getting worse and I couldn't make payment arrangements without all those over the limit fees they kept putting on. What threw the card over to begin with was the opening fee that I was told was a one time thing and it wasn't.
I know what you mean fireyone, I can tell you that once you are ready to settle these debts they will come down considerably, most of the charges will be let go, you can estimate that they will go about 60 percent of the debt, but in your case it may be less because it has been so long and they have not been successful in their attempts to collect the debt. Hopefully you will get on your feet soon and be able to take care of all this so that you don't have to deal with it anymore. goodluck
I also hope they take alot off. Especially with how much of it is actually dumb fees. I will get rid of this headache but i learned to read alot more into the fine print. When you say they will go about 60 percent how is it your figuring? Will I have to pay the 60 or the 40 %. It really sucks when I only actually used the first $200.OOPs $201 because they charges me $99 to open the account (the supposedlt one time fee).
Just see what they offer, don't take the first few offers, just tell them you can not afford it, after awhile they will come down to the absolute minimum that they can accept. Patience will pay off in the end. goodluck.
Kind of like a car insurance settlement or even buying a car. I can do this.
cr
GOODNATURED..that's what I did, on an outstanding debts. Knowing the SOL hadn't passed yet, I made payment arrangements with them. I told THEM what I could afford, per month. After them telling me they "would not accept anything under a certain amount," well..I just told them, "well I'm sorry we can't do business together," LOL FINALLY..they accepted what I COULD afford. Took me 'forever' to pay it off..but, I finally did.
Congrats sdchargers. That is a major problem with these collection agencies. They expect huge monthly payments that people can't afford. I think if they would understand it was the money situation that got the person in this situation and they would lower their demands more people would be willing to pay up.
That is great that you got it paid off though sdchargers, you can only pay what you can pay, they make me laugh when they say don't you have anyone that you can borrow the money off of, Yeah Right, I have all kinds of friends with thousands laying around collecting dust, get real.
they will usually give in fireyone, sometimes they will play good cop/bad cop with you, one will call and be a jerk and the next will call and be really apologetic about the jerk, I think it is some kind of psychological torture that they are taught or something.
Well they are still annoying. I am almost 100% positive that mine is past SOL and I'm boggled in money woes so I don't need another wolf to feed right now. Does anyone have unknown callers that list there number as 000-000-0000? I am wondring if this is that old bill collector.
More than likely it is, I don't answer it if I don't recognize it. I just put my zapper back on my phone so when they use the computerized calling it will not come through.
SOO cool. Where could I find my self one of these handy dandy zappers? I REALLY REALLY want one. Let me know ASAP.
debt
SOME CA's will work with YOUR circumstances. SOME just don't give a darn. I'm just at the point, when a CA says, " no...won't accept that," I say ok...thanks, and hang up. I'm NOT surprused when they ACTUALLY call back...to tell me, "they got 'special' permission to work with my circumstances." Has THIS eveer happened to anyone? What a joke this people are, at times.