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tgrantjr

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credit report poisoning
I have a credit card from 3 years ago that went into chargeoff. They sold it to a debt collector. They have not bothered me at all in 3 years so i dont want to wake a sleeping giant. The original bank is reporting monthly that i am 90 days past due with it still open. The collection agency is reporting the amount in collections. Are they allowed to follow this practice? It is destroying me with them double dipping like this.

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What's going on is truthful reporting of your credit history.  Because the credit card was not being paid, and it does take time to attempt collections on accounts, the bank decided to cut their losses, charge-off the account and sell it to a collection agency.  The bank likely did not fully recover their losses, either.  Because this was a csredit account you had with the bank, it will be reported as part of your credit history for seven years from the date the account first became overdue.  Now the collection agency has the account as a receivable and it will be showing as such on your credit report until it is paid or the statute of limitations expires.  I suggest you take the time to read the articles on this site so you can learn how credit works.  It is to everyone's benefit that they get this knowledge. 

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