They (collection agency) would first have to buy the mortgage rights from the original creditor (usually for just pennies on the dollar), before they could take action. Normally speaking though, once a charge off has occured, the chances are slim that a 2nd party would buy those rights due to high risk/low chance of recovery of assets and/or cash as the original creditor has probably already tried applying the max legal pressure (hiring a collection agency) to collect the debt.
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
OSI Collection Service is a "Third Party" Collection agency. Collection agencies buy your information from the original creditor in order to collect on a debt. What this means is that they make money if you pay anything on this debt, not only from the original creditor, but a commission on the payment that you make on that debt.
Yes, the original creditor should have notified you that you had an outstanding balance. The creditor also notifies you that they will be submitting your debt to a "third party" collection agency. This is usually the final notice before your debt is sold. If you never received a notice, it is not required that the original creditor send you notice, all it is is common curiosity that they do.
No, the original creditor has sold the debt and is no longer involved in the collection process.
Contact the original creditor. Provide proof of your payment. They need to retract the account from the collection agency. The account could have been sold to the collection agency or simply assigned to them. For your purposes, it does not matter which situation applies. You paid the original creditor and your credit report needs to reflect this. After they do what they need to do to get the account back; you then dispute the entries with all three credit bureaus. The original account should show as a paid collection and the other collection account should be removed from your credit report entirely.
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
Include the original account number if you are including the original creditor. Include the account number for the collection agency if you do not have the orignal creditor information and are including them as "Care Of" for service.
No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.
Recall of a debt by a creditor is when the original creditor asks for the debt to be returned to them after they have sold it, often to a collection agency. This may occur if the debt has not been collected for a certain amount of time, and the debt will be sold to another agency to collect, or if the debtor offers the original creditor a settlement.
Collection agencies have a couple of ways to get your address. They can either get your original address from the original creditor or by skip tracing.
by calling on his/her phone.
No, the collection agency is now the rightful owner of the debt in question and the original creditor has removed the account from their books.
no
OSI Collection Service is a "Third Party" Collection agency. Collection agencies buy your information from the original creditor in order to collect on a debt. What this means is that they make money if you pay anything on this debt, not only from the original creditor, but a commission on the payment that you make on that debt.
Same thing happened to me..... what does this mean? I have not heard anything back from original creditor and was making timely montly payments to collection agency... I am confused and a little scared
That's the original creditor's "in house" collection department. They are NOT subject to the FDCPA as are 3rd party collection agencys.
Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.