07-18-2009 06:12 PM
I have finally decided to take my head out of the sand and take responsibility for my extremely poor credit. For the last few days I have been trying to read the posts which by the way are a wealth of information. I have a question that I'm sure has been answered before but hopefully you won't mind responding to again. A charged-off account was sold to or bought by someone else who received a judgment against me and has been paid in full. My question is this: Shouldn't the balance from the original creditor show as $0 and not the original balance of $1,254.00? If so, can I dispute this? I hope my explanation is not too confusing and any information is greatly appreciated.
7-15-09 TU: 506
EX: 545 (FAK)
07-18-2009 06:51 PM
If the original balance was sold to a CA (meaning the CA owns the debt and not just collecting for the OC), the OC should have marked the debt as paid and zero due. (It would not remove any of the other baddies such as 30, 60, 90, 120, or KD statuses.)
Now that the CA owns the acct, they can report the amount owed and such for it. Once you paid it, they should be reporting it as paid and zero due.
So yes, if you have paid it then everyone should be reporting zero and you can dispute it. You will need to be able to show proof of payment to the CA and that it was the same debt.