Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Report
Profile Image

Question By
bamanation

0 Contributions
0 People Helped
Can a debt no longer owned by CA be removed from CR?
I found out this morning that a debt in collections ( that I have been making payments on monthly) has been taken back by the original owner of the debt. I have yet to receive details on what will happen next. Is it possible to make the collection agency that no longer owns this debt remove all information that they have reported on my credit report? I am hoping that when I get in contact with the original debt owner that they will keep the debt and make a payment plan with me. I am also concerned that they will just pass it to a different collections agency and the debt will be reported for a second time by a different agency. Any advice will be greatly appreciated!!!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
3 Contributions
5 People Helped

statue of limitations

I have several debts that have had no activity in over 3 years (statute of limitations in my state is 3 years), this is unsecured debt some of which was not even in my individual name but my corporation and a collection agency has decided to sue me for one of these debts.  I had to borrow money to hire a Lawyer to represent me, the debtor has now continued the case which will cost me more money - is there anything I can do?  My Lawyer said this is just one of many cases I will have to face & I need to file Bankryptcy - I can't afford the pmts for BK - now what? 

Top Contributor
7370 Contributions
3810 People Helped

Helpful to 3 out of 7 people

The collection agency had the account for collection and were making reports to the credit bureau, therefore their report will remain for 7 years after the date of last action by you on that account.  The original creditor may have had some logical reason for buying back the debt, but that is their decision.  All accounts that are active will be reported since they are part of your credit history.  Truth cannot be changed.

Reply by
simplyredeemed

1 Contribution
5 People Helped
Helpful to 5 out of 5 people

i believe the practice of collection agencies selling your debt to multiple agencies is unfair. i had a debt that was sold to 6 collection agencies! on my report, 6 collection agencies were reporting delinquincy for 1 debt! it appeared as though i had 6 delinquent accounts instead of just 1 deliquent account! even after the debt was paid, i had to notify all 6 collection agencies to update my report!

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.