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Elilala2

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Collection Accounts
If the original creditor is no longer on my credit report is it okay for the collection agency to still be listed on my credit report. From what i udnerstand they can still go after me but doesn't it have to be removed since the original debt is gone?

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Collections

Have you paid the debt to the collection agency?  If not, the account is not gone.  It was sold to a collection agency because the original creditor could not get you to pay as originally agreed and said creditor did not want to tie up staff time on a potentially useless collection attempt.  They wrote the account off and sold it at a discount so the collection agency gets the money.  The original creditor felt "any money is better than no money."  They may get a bit of a tax break, too, which is fair.

But you utilized the credit (read "loan" since you essentially borrowed the money) to purchase goods and/or services.  That has to be repaid.  And, since the collection agency now owns the account, said account will remain for 7 years or until paid off, whichever comes first.  It will not be written off until then.

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