Credit reports: The original creditor and debt collector are both on my report – is this legal?
How is your debt showing up on your credit reports?
Let’s say I owe Discover $5,000 and this debt shows on my credit reports as $5,000 owed to Discover.
Since my credit reports are accurate, I don’t need to worry about it.
Discover may send the $5,000 debt to a debt collector.
Discover will say I owe $5,000 and the debt collector will also say I owe $5,000.
On my credit report, it appears that I owe $10,000.
But I only owe $5,000 to one company. I do not a total of $10,000 between the two companies.
Remember you have an absolute right to have a credit report that is correct. Accurate. Actually, 100% accurate.
Not 95% correct. But 100% correct.
This report is inaccurate if it shows you owe two companies $5,000 each.
One of these companies is doing something wrong.
If you see the same account showing multiple times on your credit report, you must ask, “Is this accurate?”
If it is not accurate, you need to get it fixed. Your credit reports need to be made accurate.
If there is an inaccuracy in your report, start the dispute process using the FCRA (Fair Credit Reporting Act). And against the debt collector you can use both the FCRA and FDCPA (Fair Debt Collection Practices Act) to help you.
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