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On my credit report is an entry from the original creditor and an entry from a debt collector for the same account. Is this dual entry allowed?
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Corporate / Incorporation Lawyer
Yes, but if the debt has been sold then the original creditor's tradeline should show a zero balance and "account sold or transferred" or the like.
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Hi, Inoticed you answered this question and I was wondering if you could elaborate a bit - what if the original creditor reported the debt sold "to another lender" right after it was incurred - and stopped reporting on it (and the new creditor began reporting) - but 3 years later was forced to repurchase the debt for misrepresentation, and begins reporting the same way the servicer is reporting (default, delinquent, in foreclosure, etc). ie, now BOTH are reporting derogatorily and under 2 different account numbers (full balance outstanding).
This debt is a mortgage refinance loan and the homeowner filed suit for the lender's fraud and the servicer's abuse. The "new lender" who bought the loan has never reported (Fannie Mae). Is it lawful for both servicer and original lender to report the debt in this fashion? It is only one loan, but they have 2 accounts attached now. Doesn't this cause double damage to a credit rating?
A dispute stating that they both should not be reporting is quite likely to make one of the two go away ... as for whether there is a violation because of both reporting, I think the question would come down to whether the servicer continued to report when they were no longer servicing. A lot of these questions have not yet been settled, but over time will be as the foreclosure crisis continues to shake out.
OK! I thank you very much for responding to my question.
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