The colletion company who bought the account is reporting negitive info. and so is the bank (at the same time). Can they do that? If not what can I do.
2006-07-24 14:47:52 · 7 answers · asked by JOE V 2 in Business & Finance ➔ Credit
Yes. It happens allllll the time. I've even seen the collection company sell it to ANOTHER collection company and have ALL 3 report it as open. What you have to do is get a letter from the original creditor that has the name of the account, the dollar amount owed, and the account number stating that the account is closed and the debt was sold to a collection agency. Then get another letter from the collection agency stating that the debt is theirs to collect. Send both letters to all 3 bureaus. Harass them constantly, and wait 2 months or so.
2006-07-24 14:51:53 · answer #1 · answered by Jonathan S 2 · 0⤊ 1⤋
They can both report, but if the original creditor has sold the account they must show a zero balance.
As for what to do about it pretty much depends on a few different factors. Such as:
How badly they are violating your rights in their inaccurate reporting. If you are out of the statute of limitations (SOL), if you are still within the SOL if you are planning on paying etc. If you are out of SOL if you are planning on either paying or telling them to take a hike.
You might want to go to the site that I've linked and start doing some reading in the newbie forum and then in the credit forum.
2006-07-24 15:26:23 · answer #2 · answered by echo 7 · 0⤊ 0⤋
Well, if its a bad account, then they can turn it over to a collection agency, however, usually banks do not do that. And if its not a bad account, then why all the bologna?
2006-07-24 14:53:30 · answer #3 · answered by naturally_loveable_43 1 · 0⤊ 0⤋
No reason they can't. It was bad with the bank, now it's in collection agency.
2006-07-24 14:50:47 · answer #4 · answered by oldmoose2 4 · 0⤊ 0⤋
YES ITS NOW A VERY COMMON PRACTICE FOR THE BIG COMPANIES TO BUY UP SMALLER COMPANIES BAD ACCOUNTS AND TRY TO COLLECT ON THEM.
2006-07-24 14:54:46 · answer #5 · answered by sammi girls mom 5 · 0⤊ 0⤋
If the debt grew to become into offered to a collection business enterprise, you will possibly desire to attend to the sequence business enterprise. now and lower back the unique creditor would not sell the debt yet hires the sequence business enterprise to collect. if so, you may pass to the unique creditor.
2016-11-02 22:35:49 · answer #6 · answered by ? 4 · 0⤊ 0⤋
i believe it can be done. i think you should contact your bank & checksystems as soon as possible.
2006-07-24 14:51:38 · answer #7 · answered by fuchi fuchi fea fea 5 · 0⤊ 0⤋