I believe other than things like bankruptcies, liens, and judgements only someone who you are contractually obligated to pay a debt to can report something on your credit report. Thats why a DV letter works so well. If that company can't find your contract in which you agreed to pay a certain debt than they should no longer be reporting it. And when I say "contractually obligated" that could anything from a loan or line of credit to a landlord or ins. company.
Ok, that would make sense, so that is how the debt validation can pull a collector off your report because you have no actual contract with them right?
Any creditor from whom you have borrowed money and to whom you have not repaid, can report the unpaid debt to the credit bureaus who in turn will list it in your credit report. The creditor may be a payday loan company, your credit card company or your mortgage loan company. Moreover if the loan is sold off by the original creditor to the collection agency, the collection agency can also report the debt to the credit bureaus.
I have had up to five different collectors for one account. Thankfully only tqo ever actually showed up on my report. I still believe that it should only be one but I guess there is benefit in both reporting. This way if the OC is listed right on your report you can see if a collector changes the debt amount or the date of that account. At least you wouldn't have to go digging around in papers to make sure the listings on the debt were correct, it will be right in front of you.
Yes, if the same debt if reported in your credit report by different collection agencies, the only way to find out whom to pay off the debt is to ask for the debt validation from all of them. You need to pay the CA who validates your debt. But before you pay it off I think it is always essential to go for pay for deletion agreement if you want it to be removed from your report. But if the CA do not agree to PFD, ask him to change the status to "paid as agreed".
Hello Goodnatured!
I believe other than things like bankruptcies, liens, and judgements only someone who you are contractually obligated to pay a debt to can report something on your credit report. Thats why a DV letter works so well. If that company can't find your contract in which you agreed to pay a certain debt than they should no longer be reporting it. And when I say "contractually obligated" that could anything from a loan or line of credit to a landlord or ins. company.
Hope that helps.
Still as gn asked who really can oput things on your report? I would think only credit places and banks would have a power like this.
Ok, that would make sense, so that is how the debt validation can pull a collector off your report because you have no actual contract with them right?
Makes sense to me and that would explain ho they can pull off the reports from the collector.
:oops: actually it all makes sense if you think about it
Any creditor from whom you have borrowed money and to whom you have not repaid, can report the unpaid debt to the credit bureaus who in turn will list it in your credit report. The creditor may be a payday loan company, your credit card company or your mortgage loan company. Moreover if the loan is sold off by the original creditor to the collection agency, the collection agency can also report the debt to the credit bureaus.
Yes that is what I have been finding out.
The same debt can be reported by many, many different companies.
I have had up to five different collectors for one account. Thankfully only tqo ever actually showed up on my report. I still believe that it should only be one but I guess there is benefit in both reporting. This way if the OC is listed right on your report you can see if a collector changes the debt amount or the date of that account. At least you wouldn't have to go digging around in papers to make sure the listings on the debt were correct, it will be right in front of you.
Yes, if the same debt if reported in your credit report by different collection agencies, the only way to find out whom to pay off the debt is to ask for the debt validation from all of them. You need to pay the CA who validates your debt. But before you pay it off I think it is always essential to go for pay for deletion agreement if you want it to be removed from your report. But if the CA do not agree to PFD, ask him to change the status to "paid as agreed".
Actually I don't believe 5 can report. I am pretty sure only the original creditor and the recent debt collector is allowed.