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Charged off account with balance

New Member

Charged off account with balance

On CR there's an auto loan account with a full balance but apparently charged off. The institution is not the original creditor. Does this mean that the name of DC on the report is no longer in charge of the debt (and most likely has sold it off) even with a balance showing? There are two other chraged off accounts, but with a 0 balance, so I'm unsure of what this one means.

2 REPLIES
Valued Contributor

Re: Charged off account with balance

What has likely happened is that the OC sold the debt to a CA and now the CA legally owns the debt. So the OC has wrote off the bad debt (CO) and sold the bad debt at pennies on the dollar to the CA who is now trying to recoup the full amount (there profit)..And IM surprised with an auto loan the haven't tried to repo the vehicle. 

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New Member

Re: Charged off account with balance

Oh yes, they have taken the car, long ago! 

 

So Santander is the company, CitiFin was the original creditor. The thing is, there's no current account with this balance. Just the Santander account, with a balance but charged off. So whoever bought the debt is not reporting to credit bureaus? Granted I haven't checked the other two beside Experian, but shouldn't I expect the same reported accounts on all three?

 

It's as simple as calling Santander though, to ask where it's at?