Is it legal for there to be 2 companies reporting on my credit for the same derogatory collection?
I had a credit card closed by chase and it is reported on my credit as a derogatory account. It says on my credit report, account purchased by another lender. There is now a collection company reporting it to my credit. Is there a way to get one removed?
Yes, It does not show up twice under total debits…when will this be removed from my credit, 7 years from original reporting on credt? How about the new creditor?
crazyjester is correct – the original creditor and the collector that currently has the debt can report at the same time and the original creditor must report a zero balance.
I just wanted to add:
If two collectors are reporting the same debt then one of the collectors would be in violation.
The collector has the same time limit to report as the orginal creditor has, which is 7 years from the first time you became 30 days late and never brought the account current leading to the charge off.
yep
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No, it isn't. There can only be one report on your credit hx per account. What you will have to do is write a letter to the credit reporting agency (Transunion, Equifax, or Experian) and dispute the information. It will take a month or so, but it should come off.
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A double credit claim is fairly easy to clear out as far as credit concerns go. It is still part of the credit score scam though so I would try and resolve it with the collector, unless the credit card was close over 6 years ago.
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Well, it sort of sounds to me like it's accurately reported on your credit report.
If the original debt says "purchased by another lender," that's perfectly valid. And if the second lender is now showing up as a creditor, that's perfectly valid, too.
However, it shouldn't show up twice on your "total debts." ($ amount.) If it does, that IS a problem. The original company shouldn't sell your debt but still be billing you for it.
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In this case I do believe it would be legal, as the original creditor is listing the history of the account (should be showing a charge off and zero balance) and the collection agency is listing the debt now due.
However I have heard that these can be easily corrected, through debt validation with the original creditor and disputing the listing with the credit bureaus as a duplicate listing.
Chances are either the OC or the credit bureaus will simply delete the listing rather than bother with the process.
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crazyjester is correct – the original creditor and the collector that currently has the debt can report at the same time and the original creditor must report a zero balance.
I just wanted to add:
If two collectors are reporting the same debt then one of the collectors would be in violation.
The collector has the same time limit to report as the orginal creditor has, which is 7 years from the first time you became 30 days late and never brought the account current leading to the charge off.
References :