Origional creditor selling acct over and over

HSBC, the origional creditor, states that this account has been purchased or sold to 4 seperate collection agencies within a 4-5 month period. I continue to dispute the account witch HSBC is reporting, but they dont validate it and have sent 4 letters in response stating it was sold or purchased everytime to a different collection agency. I have all the letters. In fact the first collection agency, IDT Carmel that they say it was sold to, is now reported on my credit report as the origional creditor being IDT/HSBC. Are they one in the same? I beginning to think everyone connected. What rights do I have when I would think its not legal for the Origional creditor to sell the same account to different agencies. Sounds like purposeful documented fraud to me. Perhaps they believe I wouldn't be keeping every letter I get??? What do I do now. How do I get it to stop and off my credit report. When I file a dispute with experian, they say each time that it has been verified. How can this be when none of them give me one bit of information to validate this debt. The last validated letter I recieved from the most recent collector says in the letter that the origional creditor was HSBC. Thats the validation they give, nothing else, except they the actual amount owed may have changed due to fees, etc. I have sent validation requests to each one of the 4 agencies and none give me anything to validate the account. The account just gets resold to another collection agency. Its my belief from the letters I have recieved that HSBC hasn't sold the account at all, because whenever I request a validation from any collection agency in referance to this account, the next thing I find out is the a new collection agency has either purchased it or its been sold and the date given on the report keeps getting longer and longer as to how long it will remain on my credit report. I believe HSBC continues to control this account and this is a way of reaging it. When I sent a second request of debt validation to the last agency on my report, I never recieved anything back. They just ignored it. So now what??
All this on an account that I don't believe is mine with an origional balance of charge off from HSBC of 259.00 dollars. Oh, I might add that they also reported on another report that the oriongiona charge off owas 698.00. I have all the credit reports. Unbelieveable. Am I at a point of which I can file a complaint with the Federal Trade Commission and the Attorney Generals Office. Experian just keeps verifing the information from each collection agency without obtaining anything. I think Experian is not doing their job and is in violation of unfair reporting practices. How can they continue to verify information when every letter I get gives nothing to validate anything? The response I get when I ask how did you get your information, is only that the information has been verified????????? Exactly what can I do at this point. I'm ready to sue if I have to and believe I have enough documented proof to prove violations and seek damages.
All advise is greatly appreciated. Please help. Thank you.