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New Contributor
Posts: 51
Registered: ‎06-07-2007
0

account description, what does Chattel mean?

I hadn't looked up my credit in three months and I just pulled up scorewatch.  I have one account that is listed as 0 balance, no late payments, last activity in Nov 2007.  Under status it's listed as "Contact Member for status." and under description it says "Consumer Disputes account information." and "Chattel."  This account was a pain in the *ss & I never disputed the account with the CRAs.  What does "chattel" mean?
Senior Contributor
Posts: 4,596
Registered: ‎09-14-2007
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Re: account description, what does Chattel mean?

chattel is an Old English word for cattle that was put up as collateral on a loan.

Not an often used term now days, but it is to mean collateral.
"Never ever, ever be late. Never" (FUTR)
New Contributor
Posts: 51
Registered: ‎06-07-2007
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Re: account description, what does Chattel mean?

So what it's just saying it was a loan with collateral?  That part is true.  Why does that matter, or does it?
Senior Contributor
Posts: 4,596
Registered: ‎09-14-2007
0

Re: account description, what does Chattel mean?

I really don't know for sure, but I'd suspect the OC is merely reporting detailed information regarding the collateralized loan.

Sorry I can't help you further.
"Never ever, ever be late. Never" (FUTR)
New Member
Posts: 2
Registered: ‎06-14-2012
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Re: account description, what does Chattel mean?

I am curious to know if you still login here. I seen this too and would like to know a little background information.

Frequent Contributor
Posts: 258
Registered: ‎06-10-2012
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Re: account description, what does Chattel mean?

A chattel is a piece of property other than real estate.  If you're seeing it in the context of credit, it's probably related to a loan on some piece of personal property (like a car, furniture, electronics, etc.).


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Moderator
Posts: 13,309
Registered: ‎04-15-2011
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Re: account description, what does Chattel mean?

Well I had no idea what it was!   Lol.  Old post though.  



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Mega Contributor
Posts: 19,844
Registered: ‎03-19-2007
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Re: account description, what does Chattel mean?

Similar to knowing that real property has a mortgage, knowing that other debt in personal, moveable property or other securities has a chattel interest on it simply informs other creditors that they wont be first in line in an attempt to secure that property should you default on your credit with them.

They cant expect to get at that property through a court order to attach it.

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Posts: 10,898
Registered: ‎12-30-2011
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Re: account description, what does Chattel mean?

Thanks Robert!

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