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Charge off payed in full

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Anonymous
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Charge off payed in full

I payed a charge off in full with a Collection Company that bought the balance the original creditor is still reporting I have a balance. Does the original creditor have to change it to zero balance payed charge off?
Message 1 of 6
5 REPLIES 5
Anonymous
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Re: Charge off payed in full


@Anonymous wrote:
I payed a charge off in full with a Collection Company that bought the balance the original creditor is still reporting I have a balance. Does the original creditor have to change it to zero balance payed charge off?

The OC is required to zero out the balance when they sell a debt - thats standard accounting requirements. If the collector was collecting on their behalf, the collector is required to report back to the OC that the account has been paid. Either way the OC needs to zero out the balance. I would start with a courtesy call to the OC reminding them of their statutory requirement to update the account balance since it has been paid or sold.

Message 2 of 6
Anonymous
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Re: Charge off payed in full

Ok I did call them and they weren't willing to do anything said it going to stay that way. So what's my next step
Message 3 of 6
Anonymous
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Re: Charge off payed in full

Seriously? They are NOT willing to report the balance as zero after its been paid or sold? Who the heck are these clowns?

Message 4 of 6
Anonymous
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Re: Charge off payed in full

Yup I'm pretty upset about it I was getting pretty angry When I was on the phone. It's webbank/fingerhut. Are they in violations of any fcra regulations ?
Message 5 of 6
Anonymous
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Re: Charge off payed in full

I would start by filing a complaint with CFPB. If they still refuse to update the account, then send them an ITS letter.

Message 6 of 6
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