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?
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.
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??)
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.
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.
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.
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.
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.
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...
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.
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.
debt
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??)
Wow I am back after a long time. :)
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 :?:
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.
debt
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.
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.
loan
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.
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.
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...
debt
Believe me, I'm relieved, about this myself!! Finally..I can 'get somewhere', on my credit!! LOL Thanks to everyone's support!!