I've defaulted on two ccs sent to collections, yet the ccs report me as late to the bureaus monthly...

[LadyHaHa]

Is this legal? Is this legal as in reporting me over 30 days late every month after already reporting me as defaulted and the debts sold off to the collection companies? PS I acquired and defaulted on the ccs in NY. Thanks in advance!

 

[quincy]

Is this legal? PS I acquired and defaulted on the ccs in NY. Thanks in advance!

You did, by your own admission, default on two credit card accounts. The credit card companies can turn the debts over to debt collection agencies without selling these debts the collection agencies.

 

[LadyHaHa]

Thanks for the reply. I was asking whether them reporting me late on payment monthly after the debts were reported sold off to collections was legal (reporting me double so to speak).. I'll rephrase my posted question. Thanks, though, for the response.

 

[quincy]

The credit card accounts will continue to show on your credit reports along with the account history and will show no payments made for each month there is no payment made.

The unpaid credit card account will remain on the credit reports for 7 years, even after the debt is sold, as part of your negative credit history.

 

[Zigner]

However, to answer your question, the debt should only show (for each card) once, not twice.

 

[justalayman]

However, to answer your question, the debt should only show (for each card) once, not twice.

It can show as many times as there are owners of the debt. The disposition of the account needs to be shown from any creditor having sold the account.

 

[quincy]

However, to answer your question, the debt should only show (for each card) once, not twice.

The debt can show up several times - for the original credit card account, and for any debt collection agency that buys the debt.

Example:
Home Depot account; Charge Off; Closed by Home Depot.
Debt Collection Agency 1; Home Depot; Sold.
Debt Collection Agency 2; Home Depot; Balance.

 

[Zigner]

The debt can show up several times - for the original credit card account, and for any debt collection agency that buys the debt.

Example:
Home Depot account; Charge Off; Closed by Home Depot.
Debt Collection Agency 1; Home Depot; Sold.
Debt Collection Agency 2; Home Depot; Balance.

The account may show many times - the debt only once.

 

[quincy]

The account may show many times - the debt only once.

The debt shows up under different holders of the debt - the original credit card company shows up and the debt collection agency or agencies. Same debt (albeit different information on the debt).