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  1. #1
    Join Date
    Jun 2008
    Posts
    5

    Default Re: Can One Debt Be Listed Multiple Times?

    Quote Quoting divemedic
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    That is not correct. A company that purchases a debt that is already in default for the purpose of collecting the delinquent debt is a debt collector.
    What does this mean practically speaking?

    Does this mean the 2nd company should not be reporting it a 2nd time?

  2. #2
    Join Date
    Jul 2008
    Posts
    853

    Default Re: Can One Debt Be Listed Multiple Times?

    It means that each company collecting on the debt can report it, as long as that tradeline is complete and accurate. Technically, that same trade can be listed an unlimited amount of times on your report. This is one of the loopholes in the system that is designed to make more money for the bank.

    Think about this: the worse everyone's credit is, the more banks make in interest and fees. It is in the best interest of the banks and the credit reporting agencies to make everyone's credit as poor as possible.

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