SCREWCREDIT
Member
Florida - Question is General to All States
If a creditor charges off an account and then sells that account to a collection agency, obviously the original credit information is going to remain on your credit report for the FCRA allowed period of time. Then, if I'm not mistaken, the collection agency also has a right to report the account as a collection to your consumer files as well. In turn, you can potentially suffer twice as hard for the same delinquency. So my question is this:
In the course of purchasing the account from the original creditor, does the collection agency inherit rights to modify the data reported by the original creditor? In other words, can the collection agency legally change any data pertaining to the actual account itself in addition to the item they are reporting directly seeing they are now the legal owners of the debt?
If a creditor charges off an account and then sells that account to a collection agency, obviously the original credit information is going to remain on your credit report for the FCRA allowed period of time. Then, if I'm not mistaken, the collection agency also has a right to report the account as a collection to your consumer files as well. In turn, you can potentially suffer twice as hard for the same delinquency. So my question is this:
In the course of purchasing the account from the original creditor, does the collection agency inherit rights to modify the data reported by the original creditor? In other words, can the collection agency legally change any data pertaining to the actual account itself in addition to the item they are reporting directly seeing they are now the legal owners of the debt?
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