Clarification on account status on credit report
Date: Tue, 03/06/2007 - 08:24
I have a quick question because I am a little bit confused. I read in another thread that it is illegal for a creditor to report on an account that was sold to another company. Is this in fact true? Or, does that mean that a creditor cannot report a balance owed if they sold the debt?
This stuff is all a little overwhelming. My husband and I are trying to dig ourselves out of a huge hole we created when we were both laid off on the same day in 12/01. We're now trying to get a mortage but obviously we have some work to do before that happens. Any help is appreciated! Thanks!
This stuff is all a little overwhelming. My husband and I are trying to dig ourselves out of a huge hole we created when we were both laid off on the same day in 12/01. We're now trying to get a mortage but obviously we have some work to do before that happens. Any help is appreciated! Thanks!
According to the fcra,reporting format when a debt is transferre
According to the fcra,reporting format when a debt is transferred or sold is as follows:closed acccount,trans/sold $0.00 balance.
Accounts charged off by the creditors and sold to a collection a
Accounts charged off by the creditors and sold to a collection agency will be listed with a zero balance. They are harmful to someone????????s credit rating even if the amount owed is small. You may not be able to wipe off the stains put in your credit in the past but you can improve the future credit potential by paying the account and having it reflected as a satisfied debt.
CREDIT CARD
I HAVE A CREDIT CARD WHERE I HAVE SOME LATE PAYMENT I WISH TO CHECK WHETHER MY NAME IS IN CIBIL
