1st premier is charged off but they still own it? huh?

[HigherFico]

I spoke with pinnacle /integrity solutions and abt my first premier acct today and they said they are collecting for first premier and they do not own the debt. I requested a DV anyway but why did first premier say they dont own it and it is also says charged off on my credit report...what gives? Integritysaid first premier owns it

[IOBA]

The charged off status means Premier told the IRS it's a bad debt that they can't collect on.

Premier still owns it but hired someone else to try to collect the money.  They will pay the collection agency a portion of what they receive.

 Many companies hold onto  the debt after they have "charged it off."

Since it's been charged off, maybe suggest a settlement for less than the amount owed?  Or pay for delete?

[guiness56]

---

@HigherFico wrote:
I spoke with pinnacle /integrity solutions and abt my first premier acct today and they said they are collecting for first premier and they do not own the debt. I requested a DV anyway but why did first premier say they dont own it and it is also says charged off on my credit report...what gives? Integritysaid first premier owns it

---

What does FP account on your CR state?  Does it say transferred/sold and show a 0 balance?  If it does it has been sold.