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Posts: 106
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Okay I posted a previous post about ORCHARD BANK, but now I have another situation. I just viewed my credit report and this is what it says about my account with Orchard Bank (HSBC):

Transferred, closed/Account charged off. $344 written off.
Date Opened: 12/2006
Charge of as of 5/2008
Creditors Statement: Purchased by another lender.

Now on my report it also shows:

The bureaus inc (which I guess is the lender that purchased this debt from HSBC)

Status: Collection acct. $893 past due as of 10/2008
Original Creditor: Bureaus Investment Grp NO 15
Date opened: 6/2008

** Now my question is how is this possible??? The original creditor should be HSBC, right??? And it HSBC wrote off $344 than that is what I should be responsible for to make this debt go away, right??? Another thing how can it say that the date opened was 6/2008 when the account was opened in 12/2006????

What should I do???

$344 to $893 in 5 months is a stretch. Interest couldn't be that much. I would question that. The date opened is correct since that is when The Bureaus first reported the account after purchase and is irrelevant. The date that is important is the Date of First Default (DOFD). That is the date you missed your first payment and never brought the account current and also begins the 7.5 year reporting period. What state are you in? SOL is another factor to consider. You can dispute the accuracy since HSBC is the OC but since you are likely still w/in SOL, you might let sleeping dogs lie. Have they sent you a dunning letter yet?

Sub: #1 posted on Wed, 10/29/2008 - 21:25

Moderators Cum Industry Expert
(Posts: 4666 | Credits: 308.23)

i live in florida and I haven't rcvd a dunning letter yet. Should I send the Bureaus a debt vaildation letter? If so should I send it to HSBC the original creditor or Bureaus?

Sub: #2 posted on Wed, 10/29/2008 - 22:16

atruefamilyx6 atruefamilyx6

(Posts: 106 | Credits: 25.84)

Form what you posted, HSBC is completely out of the picture. You're going to have to deal with The Bureaus on this now. You are still well w/in the 5 year SOL on this so tread lightly. $900 is not a lot but I have seen suits filed on less.

Sub: #3 posted on Wed, 10/29/2008 - 22:19

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(Posts: 4666 | Credits: 308.23)

We/my husband has similar issue with this very creditor, however report does not state any info on OC at all. Showing high balance/limit for $8539, but the Bureaus are showing $10,146 past due?!?!?! We have received NOTHING at all in writing or otherwise in regards to this account...what are we to do? This really tarnishes a person's credit standing etc, especially if we would like to move forward and purchase a home.
FYI - We are in MN.

Sub: #4 posted on Wed, 02/18/2009 - 22:33


I have a similiar situation with The Bureaus Inc,. HSBC charged this off March 2007 in the amount of $2768.00. Now HSBC has it and says that i owe $3668 as of Feb. 2009. Shows they aquired this in April 2007 and last reported date is 2/2009. When will this ever come off my report if they keep updating the last reporting date? Does it go back to the date they aquired it? Should i contact them to get possibly a payoff amount? HELP!

Sub: #5 posted on Wed, 03/18/2009 - 23:34


The date last reported has no bearing on how long it stays on your reports. 7 years + 180 days from the Date of First Default with the OC is the maximum amount of time a derogatory can stay on your reports. WHen did you miss your first payment and never again brought the account current? That will be the start date.

Sub: #6 posted on Wed, 03/18/2009 - 23:59

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(Posts: 4666 | Credits: 308.23)

I am not sure. I thought is was in Sept. or Oct. of 2005. This says it was opened in 01/2006. Is that when i opened the account or when it was opened for collection? Maybe i have the years wrong? This says for account history 30 days as of Oct 2006. Then every month after 60, 90 etc til it was charged of as of April 2007, March 2007. Would i be better of just trying to get this paid off since we are going to try to buy a house this year. I had heard that it hurts your credit score if you pay off a collection so not do it right before you apply for a loan? Is this true? Also would it show better if i were to make payments on it. Would it show up on my credit report as paying as agreed at least like i was at least making an attempt to resolve it?

Sub: #7 posted on Thu, 03/19/2009 - 01:16


1/06 sounds like when the CA first reported to the CRA's. Does the OC still own the debt or does their tradeline show "Transferred/Sold to another lender"?

Sub: #8 posted on Thu, 03/19/2009 - 01:56

Moderators Cum Industry Expert
(Posts: 4666 | Credits: 308.23)

It says puchased by another lender that being The Bureaus Inc. Should i contact the CA? and what about my others Q'S about it hurting my credit score, etc?

Sub: #9 posted on Thu, 03/19/2009 - 02:00


If the original creditor was HSBC and the debt was written off, then bought by the bureaus, how should it appear legally on the CR? I have also been written off by HSBC with a balance still owing showing. The Bureaus has reportd on the CR the same balance that was written off by HSBC. The HSBC part should be dropped August 2009. Will the entry from the bureaus drop at that time 2? If not, isn't that reaging? Isn't that against the law?

Sub: #10 posted on Fri, 06/05/2009 - 03:25


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