can the new collector, without notice, report you to the credit bureau? I recently made a settlement arrangement with the first agency and sent them money only to discover that I have been reported by another agency.
2006-08-24 16:08:24 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
If the account was sold to another company then they took a loss on it but that in itself is a joke because if you had a debit of $3,000.00 the company that you owed it to wrote it off then sold the note for maybe 10 - 20% to a collection agency. The agency is going to do what ever they can to get more than their initial investment back and anything beyond that is icing. Since they sold the note to someone else not only did they get your money but they also got paid from the second agency. Sure that might not have been a huge chunk of change but they are still going to hold that over you saying that if you don't pay, they will report it.
Dispute the claim with the second company and have the first company / agency file a notice with all three credit bureaus stating that it is paid in full. If you have any more trouble, contact your local BBB office and they can help you.
2006-08-24 16:18:51 · answer #1 · answered by freak369xxx 3 · 0⤊ 0⤋
if the first agency cashed your payment then they should have a legal obligation to you and the new agency to either take back the account or forward the payment to the new "owner"
actually different agencies can still represent the same owner or different owners. you should find out who actually owns the debt
other issues:
make sure that the date of the debt hasnt been re-aged with a more recent date to make you look bad. i believe that its illegal to report a date other than that of the last transaction...which in your case might be the latest payment
you might get a 1099 debt forgiveness present and the IRS will want taxes on the amount the debt was reduced
and i believe that the experts say that settlements should include in writing that the agency will remove the item from your credit report rather than list it as settled as it will lower your credit score otherwise
2006-08-24 16:19:23 · answer #2 · answered by businessman 1 · 0⤊ 0⤋
If you agree to pay a old debt and make a payment you reopen the debt and make a settlement. It should be over, but one collection agency will still sell your name and debt to other agencies, if you do not have any contact or make a payment to the second collection agency you are OK. Debt is sold for pennies on the dollar, so if you pay fifty dollars or what ever it is mostly profit.
2006-08-26 07:51:13 · answer #3 · answered by moonwalker 3 · 0⤊ 0⤋
Credit is a screwy thing. Call the new collector and explain the situation. Use the "get out of jail free"card and thell them that finances have been tight because of a family illness.
2006-08-24 16:12:26 · answer #4 · answered by Andrew R 1 · 0⤊ 0⤋
You can dispute it if you have the settlement arrengment in writing and the proof of payment you have made to the first agency. If they (the 2nd agency) dont remove it, you can sue their a## .
2006-08-24 16:16:38 · answer #5 · answered by nhan_andy 2 · 0⤊ 0⤋
They can and do this all the time
2006-08-24 16:34:35 · answer #6 · answered by Robert F 7 · 0⤊ 0⤋
good question im wondering the same thing!
2006-08-24 16:11:36 · answer #7 · answered by Nikki 2 · 0⤊ 0⤋