How to Understand My Credit Report

[sara_rosie]

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I'm being sued for the debt in the photo above. For the first part (HSBC/BSBUY) the Experian payment history seems correct to me, but I'm not sure what is going on with the other two. It says on JAN 2010 it is OK, which is when I payed everything off, but under comments it still says it was transferred to antoher lender or claim purchased (which I was never informed of or I wouldn't have payed the remaining amount to them. The Equifax one says it's still open AND that it sold it (?). The company they sold it to is underneath (PORTFOLIO RECVRY&AFFIL). It says it was opend in DEC 2009- which would make sense becuase I hadn't payed anything for a long time by then, except that in JAN 2010 I did make that payment which they accepted and did not tell me they had sold the debt. Both the Experian and Equifax one on here say this one is closed, but the Transunion one says it is open. I'm so confused about all this and even about what I can do. I know I payed it off to the original company, but since it was couple years back now I have no proof of it; I payed in cash and did get a receipt, but since I had no idea it even went to collections I didn't save it all this time.

[Mr. Knowitall]

So... if we are to try to decipher that, you paid off a debt to one collection agency and now you're being sued over the same debt by another collection agency?

[sara_rosie]

I paid off my debt to the original company...who had apparently already sold th debt but took my money anyways (I'm writing that off as lost for good because I can't prove it). Anyways, I was hoping for some clarification on the parts that don't seem to make sense; why does Equifax say the original account is still open? And in the second account, why are two of them saying closed and one still open? If it IS closed, they wouldn't be suing me right? But the only one that says open is Transunion and they don't have any of the payment history...I'm just confused about what all this stuff means.

[Mr. Knowitall]

Equifax reports what creditors tell them. If creditors provide inaccurate information or fail to update the information, when you catch the error you can dispute the entry and ask that they verify the information with creditors. Sometimes that results in correction, sometimes it results in the creditor claiming that the inaccurate information is correct.

The fact that an account is closed or written off does not prevent a creditor from seeking any balance due on the account at that time.

[sinclairville]

i had quite the same issue, in 08 i was sued for $900 original debt was $250 my score was like 400-435. now its a public record. i called the original comp. to pay them but sold to another . i made a payment arrangement with the new one and it accually helped my score as was said above you must dispute they may correct it. in my case they did, now to date have several c cards keep them pd and score is well all three are differant the average will be your score. most c card companys for a small fee provide a service to keep track month by month imformation. if you invest $9 amonth on a service it sure was worth it for me im averaging 700 in 2 yrs. abtw when 7 yrs pass if you dont pay a debt. it most likly will vanish except court records take 10 yrs pd or not off report