One of the many questions I am asked is, can two different collection agencies report the same debt. There are some important things to understand about this issue and some basics on how to avoid it.
This is often a very frustrating situation for the person that is behind in their debt. Some people that do not owe much money may have assets like their home that could be reported as part of the debt. In some cases, the agency reporting the debt may actually work with the original creditor so that you receive the full amount owed.
When it comes to collections, the collection agencies are required by law to report the debt as reported. The courts in this state require that all debt must be reported as reported. This means that any payment late by more than 30 days must be reported as well.
When you are reporting your debt, it will indicate whether it is an account that has been paid by the original creditor or is being reported as a negative account. Each collection agency is different. However, you should be able to tell which one is reporting your debt.
Sometimes, the collection agencies have a policy of reporting even accounts that are paid by the original creditor. This could be when the original creditor declines to pay the debt. Since the original creditor will not always work with collections agencies, there may be instances where this is the case.
On the other hand, some collections agencies will work with both the original creditor and the collection agency. That would mean that they may be willing to work with the original creditor if the debt is fairly small.
Some agencies will have a policy that prohibits different collection agencies from reporting the same debt. For example, the Fair Debt Collection Practices Act states that no collection agency can allow multiple agencies to do so. It states that all agencies are required to report the debt the same way.
Many collection agencies have policies that allow some agencies to report a debt and some agencies will report the same debt. It is not uncommon for collections agencies to have different policies on how they report a debt.
The collection agencies are required to keep accurate records of each debt. This means that even when two collection agencies report the same debt, the collectors will have different records. The records will show what happened and when.
This does not mean that collection agencies are not required to report a debt. The laws are very clear that they must report the debt as it is and that they must comply with the requirements of the FCPA.
You should understand that the laws can make it difficult for collections agencies to comply with the FCPA. The FCPA is very complex and enforcement of the FCPA is an extremely difficult task.
The FCPA is a huge problem for both consumers and collection agencies. Many agencies have policies of allowing even creditors that have worked with collections agencies to report the debt, so that the collector can make extra money.