HSBC BANK closed card and sold to Portfolio. Reporting as positive item

[Anonymous]

Hello.

If I ever get a manual review my goose is cooked because for intant approval Experian
tells me this isnt an issue but I will eventually need a car loan and such. Experian tells
me that this stays 10 years because its not a negative item.

Please help? PS The associated portfolio item dropped after being past 7 years.

HSBC BANK

Account Number	526835000569XXXX
Account Type	Credit Card
Terms	Revolving
Date Opened	10/01/2007
Account Status	Closed
Payment Status	Paid
Payment Status Details	Credit line closed
Status Updated	04/01/2009
Balance	-
Balance Updated	-
Credit Limit	-
Past Due Amount	-
High Balance	$575.00
Monthly Payment	-
Balloon Payment	-
Contact Phone	(888) 385-8916
Contact Address	PO BOX 9, BUFFALO, NY 14240
Ownership	Individual
Original Creditor	-
Company Sold-to	PORTFOLIO RECOVRY
Original Amount	-

Sorry Gale I saw your other thread but Experian INSISTS there is nothing that can be done.

Status Details:
This account is scheduled to continue on record until Apr 2019.

I talked to very helpful ppl there who checked with their super.

Should I call HSBC bank to ask them to remove the comment?

[RobertEG]

If the scenario is that this is an OC account that was sold while in good-standing, then it has no credit report exclusion of adverse information reported by the creditor.

The ten year period after account closure is an administrative deletion by the CRA as their internal housecleaing measure, and not a requirement under the FCRA.

The separate reporting by the new owner has no relevance upon the OC account.

Deletion of the new account may well have been a voluntary reporting of deletion by Portfolio Recovery, and not a CR exclusion done by the CRA.

I see no inaccuracy.  What in this reporting is a problem in a manual review....the fact that it identifies a debt that later became delinquent?

[Anonymous]

quote Deletion of the new account may well have been a voluntary reporting of deletion by Portfolio Recovery, and not a CR exclusion done by the CRA.

reply - actually I called the CR and had them delete the portfolio account since it was past 7 years.

quote: I see no inaccuracy.  What in this reporting is a problem in a manual review....the fact that it identifies a debt that later became delinquent? 

reply - Yes. A manual reviewer would automatically know that "Sold to Portfolio" would raise a red flag .. no?

[gdale6]

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@Anonymous wrote:

quote Deletion of the new account may well have been a voluntary reporting of deletion by Portfolio Recovery, and not a CR exclusion done by the CRA.

reply - actually I called the CR and had them delete the portfolio account since it was past 7 years.

quote: I see no inaccuracy.  What in this reporting is a problem in a manual review....the fact that it identifies a debt that later became delinquent? 

reply - Yes. A manual reviewer would automatically know that "Sold to Portfolio" would raise a red flag .. no?

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Its possible a flag could be raised, what I would do is send a GW request to HSBC asking that the company the debt was sold to be removed, the rest of the reporting doesnt have any negative connotations at all.

[Anonymous]

I shall do that. A GW letter, and no a call right?

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@gdale6 wrote:

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Its possible a flag could be raised, what I would do is send a GW request to HSBC asking that the company the debt was sold to be removed, the rest of the reporting doesnt have any negative connotations at all.

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[gdale6]

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@Anonymous wrote:

I shall do that. A GW letter, and no a call right?

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@gdale6 wrote:

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Its possible a flag could be raised, what I would do is send a GW request to HSBC asking that the company the debt was sold to be removed, the rest of the reporting doesnt have any negative connotations at all.

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Its personal preference. I always prefer to have a paper trail and I also subscribe to old school rules that a written letter has more of a personal touch/impact than a phone call or email. Good luck