How long for new debt owner to notify CRA of notice of assignment?

JonVarnas

How long should it take for a company that has bought a debt to notify the credit reference agencies that they are the new owner? One of my original creditors assigned the debt to a third party at the beginning of February, but didn't notify the credit agencies that the account was closed until last month and the new owners haven't updated the CRA's at all. I received the Notice of Assignment in february and have received emails from a debt collection agency they are using to try and collect but there's nothing on my credit file regarding it. The new owner is a company called JC International Aquisition and I believe they are based in the states. I know Covid has affected the way some businesses but nearly eight months is a bit of a stretch, isn't it? When Cabot bought one of my debts around the same time they pretty much notified the CRA's straight away.

Yahoo_Mail

It might never be reported.  There's no (legal) requirement for companies to report to the CRAs so if they don't want to, they don't have to.

sourcrates

JC will own your debt, but are not FCA registered to carry out debt collection activities in the UK.

Instead they have a shell company set up to do that on their behalf -

Credit Link Account Recovery Solutions Limited

Reference number: 716456

or CARS as they prefer to be known, is this the DCA you refer too ?

JonVarnas

sourcrates said:

JC will own your debt, but are not FCA registered to carry out debt collection activities in the UK.

Instead they have a shell company set up to do that on their behalf -

Credit Link Account Recovery Solutions Limited

Reference number: 716456

or CARS as they prefer to be known, is this the DCA you refer too ?

No, the DCA they are using are called IMFS, based out of Leeds, and in their correspondence they say they're acting on behalf of JC Aquisition.

I'm not too bothered about it as I've listed them as a debt in my recent DRO but just thought it weird that they haven't bothered notifying the CRA's.

phillw

JonVarnas said:
I'm not too bothered about it as I've listed them as a debt in my recent DRO but just thought it weird that they haven't bothered notifying the CRA's.

Reporting to a CRA is a cost, which they probably don't see is worth it. Banks do it because they have a vested interest, if they don't then other banks won't and then nobody will be able to credit check.
It would seem to me to be in a debt collectors interest for people to not be credit checked, as it means there will be more people defaulting on their debits and therefore increases their business.

sourcrates

They may not report anything, as long as notification of the DRO has gone to the owner of the debt, i wouldn`t lose sleep over it.