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What does it mean to have a loan (Transfer/Sold)

Date: Tue, 11/08/2011 - 18:54
Submitted by Young586 on Tue, 11/08/2011 - 18:54
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I flunked out of one school back in 2007, I applied for a forbearance and was in a bad place mentally and didn't bother to check up on it. I started going back in 2009 but obviously too late. Now that I'm in a better place mentally, they've started sending me all these overdue bills that I can only assume means the loans are in default because it says Charged off account. I got my credit report and all of them make sense except for one much larger then anything I took out, but it still says its an open account, but its activity designator says Transfer/sold. I really have no idea what this means and could really use some help getting to understand all of this. I swear they make this stuff as confusing as possible.


Hi, and welcome!

OK, the fact that it says "transferred" means that the debt was charged off and/or sold. Someone else owns the debt now, it is no longer owned by the original creditor. Sometimes, you can contact the original creditor and find out who it was sold to, but often they do not keep any records once it is sold. If you are not certain that the debt is really yours, then I would definitely contact the creditor and ask them about it. They should be able to provide info for you about when the loan was originated, etc etc.


Submitted by skydivr7673 on Tue, 11/08/2011 - 22:26

skydivr7673

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