disputes

[dmudduck442]

Does anyone know who is ultimately responsible for reporting accurate information to the credit bureaus? IS it the orginal creditor or the company that the account was transferred or sold to?

[lrprn]

Does anyone know who is ultimately responsible for reporting accurate information to the credit bureaus? IS it the orginal creditor or the company that the account was transferred or sold to?

Whoever owns the debt at the time does the reporting. Once the debt is sold, the previous creditor typically lists that debt as charged off.

[dmudduck442]

Does that apply if there's a bk involved?

[lrprn]

Does that apply if there's a bk involved?

Yes. Whoever owns the debt reports the debt.

[dmudduck442]

Do you think I am going to have problems getting this resolved since the company that now has the debt does not report to the credit reporting agencies. That's what I was told today. After I heard that I was stunned, it's like now what do I do. it's just frustrating.

[lrprn]

Do you think I am going to have problems getting this resolved since the company that now has the debt does not report to the credit reporting agencies. That's what I was told today. After I heard that I was stunned, it's like now what do I do. it's just frustrating.

If you were hoping that this account would help you rebuild, if it isn't reporting to the credit agencies, then this one isn't going to help you . There's no rule that creditors must report to the credit agencies - it's voluntary.

[dmudduck442]

no, i know this company will not help me rebuild, I had a bk discharged on 7/24/07 and the debt is not listed as IIb on my credit report, I am just trying to get that debt changed from purchased by another lender to IIB.

[lrprn]

no, i know this company will not help me rebuild, I had a bk discharged on 7/24/07 and the debt is not listed as IIb on my credit report, I am just trying to get that debt changed from purchased by another lender to IIB.

The key here is when the debt was sold off by the original creditor.

If the debt was sold by the original creditor to another lender *before* you filed, then the original creditor can leave the account as "charged off" because when you filed, that was the state of the account.

If the debt was sold to the other lender *after* you filed, then contact the original creditor and challenge their coding. The account was theirs when you filed bk, so they must change the account to IIB because they owned the account when you filed.

Check the stickies in the Rebuilding Credit area of the Forum for how to dispute account inaccuracies on your credit report.