Having both the original creditor and collection agency on your report is normal (and legal).
The following is a breakdown of how it occurs:
- Your account becomes significantly past due
- Original creditor writes off your debt as a loss
- Original creditor sells your debt to a collector
- Original creditor updates the status of your account as a charge-off with a zero balance
- Collector reports the debt to your report as a collection account with the original debt amount
Get Your Collections Removed Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (866-529-4304) or setup a consultation with them. They also happen to have incredible customer service.
Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.