Double Posting by Collections

Double Posting by Collections
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#1

I had a Phone Company report that I owed $170.00, over 1 year ago
I never knew about it, and called, in which they said they sold it to a Collector because it was listed as a Charge Off.
They sold it to a Collector and it was Reported on my Credit
It was removed apprx 6 months later.
That Collector has sold it to another Collector and it is back on my Credit
Do they have the right to keep on selling and Reporting this as a Negative??
I have had decent Credit in the last 2 years, but now it has lost 10 points.
Please Respond
Thank You


#2

Hi, @motronyo, and welcome to the community. It’s frustrating, but yes, they can continue to report the collection account until seven years and 180 days after the account first went delinquent. So the clock starts when the first payment was missed.

The good news is that you may be able to settle the debt for less than what they say you owe. That typically won’t remove it from your credit reports but should prevent further collection actions, including getting sued:


#3

THANK YOU for the response
I find it hard to believe that Collector can SELL the Account to another Collector and the next Collector can Report it, with NO Notification to ME??
This can go on for YEARS, Selling and Reporting…….NOT RIGHT!
The Original bill was from the Phone Company, in which I was a Customer for over 20 years
They Reported it first, then sold it to a Collector who Reported it, then sold it to another Colector who Reported it and I have NEVER received a Bill or Notice from ANYONE……
Thanks again


#4

It’s known as “parking” (as in “parking the collection on the credit report”) and it’s an extremely low-cost maneuver for the collector. The idea is that eventually you’ll need a major loan, such as a mortgage, and want/have to pay it off, with no further effort on their part.

Before doing so, check out this article about dealing with collectors: