2007-05-23 15:40:13 · 5 answers · asked by Stef 2 in Business & Finance ➔ Credit
Let me add that the only reason i asked the question is because I DID ORDER A REPORT..thanks though
2007-05-23 16:12:22 · update #1
Yes both the original creditor and ONE collection agency can report
If the collection agency is reporting, the original creditor MUST report a zero balance.
If the collection agency sells it to another collection agency, or junk debt buyer, then the first collection agency must remove anything they have placed on your reports. Since the first collection agency would no longer own the account it would be a violation for them to continue to report.
2007-05-23 15:53:20 · answer #1 · answered by echo 7 · 0⤊ 0⤋
The old debt will show your payment history and "purchased by another lender"
the new lender will show your payment history with them.
If you have questions about what is on your credit report you should order one. There are 3 major agencies, Experian, Equifax, and TransUnion. You have the right to a free report once per year from each. This means you can get all three now, or get one now and wait three months, get another, wait three months, then get the last and have pretty accurate view of what's on there.
https://www.annualcreditreport.com/cra/index.jsp
2007-05-23 22:53:20 · answer #2 · answered by chuckyoufarley 6 · 0⤊ 0⤋
Yes, they can both show up on your credit report. In fact if the collection agency then sells that account, you will have all 3 on your report. It will also say who the original creditor was if a collection agency is listed.
I had to deal with this about 10 years ago when I filed bankruptcy. I had to list every creditor and every collection agency for each account.
2007-05-23 22:54:19 · answer #3 · answered by Jerribear76 4 · 0⤊ 0⤋
Yes, just as the collection and the original debt show up. If the report is being used for mortgage loan applications, the accounts will be electronically matched for purposes of calculating your debt.
2007-05-23 22:44:27 · answer #4 · answered by Still reading 6 · 0⤊ 0⤋
I didn't read anywhere that the person who posted this mentioned anything about a collection.....
To answer your question it is yes. It will just be reported as account transferred.
http://www.CrediTips.com/blog/index.php
2007-05-23 23:47:30 · answer #5 · answered by CreditScoreBooster 2 · 0⤊ 0⤋