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Just need some clarification. There were a few posts about sold accounts, paid thru CA. It was my understanding that the CA would notify the OC it was paid, but I believe there was a post that the CA does not have to notify OC and once sold, OC has nothing to do with it. If CA does not notify OC that debt was paid, how is the exclusion date determined for states that have exclusion periods before 7 years for paid accts, ie NY?
ETA: Or since the account is sold and if properly updated to $0 bal by OC, would that determine the fall off?
Once a debt is sold, you are correct, the CA does not have to contact the OC with payment information. They no longer hold any interest in the debt and there would be nothing for them to update.
If the OC account is reporting a 0 balance that should suffice.
Thanks G56 - So how might this look on a manual review, say for a mortgage if they can pull your complete history?
I don't follow what you are asking.
If apping for a mortgage, since it does not state paid, only sold/transferred $0, how would this look to an underwriter? Would it have any effect or would it not appear at all? I thought I've read on here that sometimes when apping for a mortgage they can access your entire file, including things that may have been excluded.
The lender usually do it when applying for loan of 150k+. It's not always done but it does happen. When asked if you have any unpaid debt you will need to disclose it to them. Might make you pay it.
@Rain77 wrote:If apping for a mortgage, since it does not state paid, only sold/transferred $0, how would this look to an underwriter? Would it have any effect or would it not appear at all? I thought I've read on here that sometimes when apping for a mortgage they can access your entire file, including things that may have been excluded.
In this particular case, the debt is paid so it can easily be explained. The fact that the OC shows a 0 balance is what they will look for.
Thank you!