Collection Account Transferred/Sold - can it be deleted from credit report?

A company I%26#039;ll call CA1 has my account listed as %26quot;account transferred/sold, charge off%26quot; on my credit report. I called CA1 to request info on this account and was told that it had been sold and to whom. I them called the new company, CA2, and after receiving an agreement in writing that they would not report, paid them off in full.

Since CA1 no longer owns this account, does this *have* to be deleted when I send in my request to the credit bureaus?

Everywhere I%26#039;ve looked for info this particular area seems vague, any help would be appreciated.

Collection Account Transferred/Sold - can it be deleted from credit report?

I%26#039;m guessing who you are calling CA1 is the original creditor and CA2 is the collection agency - since two collection agencies cannot legally report the same account at the same time.

Like the first poster stated, the original creditor has the right to keep reporting for the full 7 years. (but not from last activity, it would be 7 years from the first time you became 30 days late and never brought the account current leading to the charge off)

BUT, if both the original creditor and the collection agency are reporting, the original creditor MUST show a zero balance.

If the collection agency is still reporting and the original creditor is showing a balance, send a dispute to the credit reporting agencies on the original creditor.

If the original creditor is reporting any other inaccuracies, you have the legal right to dispute those also.

You might click on my profile and use the link I%26#039;ve provided for the FCRA and do some reading.

Good for you in requesting a pay for delete with the collection agency - and getting it in writing !!!!

edit++++++

Your account really got around didn%26#039;t it, lol

As long as the second and third CA1 are not legally known as collection agencies and the only one to actually charge off the account was the third CA1, then they would all be considered original creditors.

If that is so, then %26quot;all%26quot; of the CA1%26#039;s can legally have tradelines on your credit reports (as long as %26quot;everything%26quot; they report is reported correctly).

If the second or third CA1 purchased/was assigned the account %26quot;after%26quot; a charge off (or one or both are legally know as a collection agency) that would make one or both of them collection agencies, not original creditor(s)

If that is so, then one or both of them cannot legally have tradelines on your reports at the same time as the CA2 collection agency.

(hope this isn%26#039;t to confusing)

Collection Account Transferred/Sold - can it be deleted from credit report?

No it will remain on your report for 7 years from the date of last activity on your account, that is a payment or charge. The company did charge it off so it is a valid reporting and can not be removed.

When CA1 charged it off they leagally no longer owns the account and you have a 0 balance with them so there is nothing to report as paid on full on. However, once you pay off the collection account it should be noted as such for CA2. Sometimes it is possible to talk to CA1 and have them remove the negative remarks, but that is really rare and they probably will not do it for you.

Collection Account Transferred/Sold - can it be deleted from credit report?

this is a trick they try that is common... and illegal. check these links that will explain what to do as well as provides a sample letter to send.

1) run a free credit report from each agency (your allowed one free one per year, per agency). you need to know, so you need to get them.

2) if ID Theft has occured, you need to make a police report first. the rest of what you need to do, is listed in the links below (with GREAT info too).

3) some states allow you to %26#039;lock%26#039; or %26#039;freeze%26#039; credit reports; to protect against theft. if your state allows it, lock %26#039;em down. that way, no one can open an account on them.

4) once you discover their credit reports have activity on them, then contact each credit reporting agency (the 3 major ones) and report the ID Theft... and request the lock on the reports (usually they automatically do it, but ask for it anyway).

ID THEFT HELP/ INFO

http://www.idtheftcenter.org/index.shtml

http://www.ftc.gov/bcp/edu/microsites/id...

http://www.ftc.gov/bcp/conline/edcams/cr...

http://www.fraudguides.com/consumer-iden...

http://www.ripoffreport.com/

http://www.fightidentitytheft.com/

http://www.ncpc.org/media/current.php

https://rn.ftc.gov/pls/dod/widtpubl$.sta...

http://www.myidfix.com/

CREDIT REPORT INFO / REPAIRS

http://www.kiplinger.com/columns/startin...

http://www.bankrate.com/brm/news/cc/2004...

https://www.annualcreditreport.com/cra/h...

http://www.bankrate.com/brm/news/forms/c...

http://www.bankrate.com/brm/news/bankrup...

http://www.bankrate.com/brm/news/forms/c...

http://bankrate.com/

TO ORDER A FREE CREDIT REPORT

(all three are free once a year)

NEW LAW: FREEZE YOUR

CREDIT REPORT (NJ)!!

(state.nj.us/dobi/creditfreeze.htm)

Equifax

P.O. Box 740241

Atlanta, GA 30374

www.equifax.com

1-800-685-1111

_______________

Experian

P.O. Box 19719

Irvine, CA 92623

www.experian.com

1-888-397-3742

_______________

TransUnion

P.O. Box 2000

Chester, PA 19022

www.transunion.com

1-800-916-8800