Paid debt to Collection agency, what should Original Creditors entry say on my credit report?

Question

I paidthe Credit Agency that the account was sold to, but the original creditor (providian) is still showing unpaid, sold,delinquent, transferred, on my Cred. Report. Is this right? or should they update it?

Answer 1

Just dispute the account with the 3 credit bureaus. I had the same problem and got a charge-off removed with the original creditors before I paid the balance to the collection agency. The account was sold and placed on my report by the company that bought the account. I paid the account and disputed the debt, and it was removed. My credit is good now, I hope it works out for you. Remember if they don't respond in 30 days the item is removed. While you are there dispute any negative items with a zero balance late payments etc. You will be surprised how easy it really is to have good credit. Once you fix it just remember to maintain your good credit rating!

Answer 2

All of the above answers are INCORRECT!

Including Studley who thinks he is right.


The original creditor updated the past due account by reporting it was transferred. That is what happened wasn't it?

You didn't pay, it went deliquent and it was transferred.

You must understand that your credit report is all about the "history", not what is happening at the moment.


The original creditor updated the account by simply reporting that it has been sold to another agency for collections.


If they have done that, then no one is in the wrong except you for not paying them.


Now keep in mind that the account has been paid. Since that has transpired it will be much easier to remove. You will need to dispute that it is inaccurate with each bureau it is reported to.

You do not need to say whay it's inaccurate, only that it is.

Now that its paid, the creditor and collection agency will not want to spend the money, time and effort to continually re-verify it.

You may need to dispute it a few time, but with persistance, you can get it removed.

Its a fact!

And for your, studly; its good you didn't make fun of everyones else's answers becuase you were further off then everyone else.

Keep reading the statutes, you'll see....


For more info on the laws, dont read the Federal Trades website, its a bunch of rubbish. I reccommend www.expert-credit-advice.com.

Answer 3

Hey. It usually takes about 6 months to update on your credit report. However, if you want to apply for a loan, credit card, or need a financial reference for a job, contact the original company and they should be able to give you a "paid in full letter". Good luck.

Also- if they in fact, sold it, you will need to work with the collection agency. However, most places just use collections as a go between. Check more into this!

Answer 4

Another batch of responders who don't have a clue about what they are talking about. They just won't research their answers, and therefore I get to make fun of them.

The ONLY person allow to carry a listing on your debt is the person who currently has a legal obligation to collect it. If the original creditor has sold this account, they MUST delete the item from your credit report.

Send a dispute letter to the credit burear, plus send a "demand to validate" letter to the original creditor. If this is not removed within 30 days, you can sue them for $1000 in small claims court for posting unvalidated information to your history.

Updated Answer: Message to Iaminteresting

When people dispute my answers, I generally expect some accurate source of information. Your source is nothing more then a commercial site advertising credit repair services, and there are a lot of innaccurate items of information in it.

After searching for a while, I find nothing on this site to verify what you are saying. I must assume that if I want this information I am expected to pay for it?

You mention that I need to "keep reading the statutes". Wouldn't it have been nice if you had pointed out ONE SOURCE to look at?

And then you go on to say "dont read the Federal Trades website"??? They are rubish? The site I refer to many times (Federal Trade Commission if that's what you are referring to) has the EXACT WORDING as listed in the US Code. Every state in the country uses this code as the basis of their own laws regarding credit report enforcement? I'm very confused with your statement.

Or are you just upset that I'm taking money out of your pocket by showing people how to fix their credit, and not sending them to an overpriced "credit repair" agency? If they followed your advice (send multiple protest letters) they will find themselves being legally ignored for filing frivilous disputes.

In the future, if you wish to dispute one of my answers, give me a verifiable source that I can check. I'm the first one to admit that I have a lot to learn. I have constantly admitted I am not a lawyer or credit counselor. But I am confident that I know a whole lot more them most of the "professionals" who post here.

Explain to me how filing a lawsuit in this case, for violation of FDCA Sec 805(b) would fail to resolve this person's problem? Explain how this same defense has successfully solved several cases that I have helped people with? How can someone who has no legal right to collect a debt file a negative credit item to someone's report?

And when you explain it, please supply me with a verifyable source.

Answer 5

Update it to what? The truth is you didn't pay them and they sold the annuity to a collection agency for pennies on the dollar. That is what will appear on your credit report for approx. 7 years if not longer.

Answer 6

No, once they sold it, they sold it. You were delinquint with them, and it will remain there.