HSBC Derogs After Selling?

Anonymous · ‎06-22-2011

Could anyone provide insight as to what generally happens to old HSBC accounts when/if HSBC were to sell off their CC products? I have a charged off BBRZ card. Would I be able to DV them after they sell, or would they still have that information? Would I send out GW letters to the company that buys them? Who reports the accounts at that point to the CRA's?

Chopbrocoli · ‎06-22-2011

Hi Jacob,

Lets say for an example, if HSBC sells your debt to one of the big 4 debt buyers (LVNV, Encore, Portfolio Recovery, and Asset Acceptance), you would only be dealing with the debt buyer from then on. You would not be able to DV HSBC, however, you would DV the debt buyer. You can definitely send out GW to the debt buyers after settling or paying in full. But I would recommend a PFD first. If that fails, then you can do a GW. You will have a new negative account with the debt buyers, while the HSBC tradeline will remain on your reports for X amount of years.

Anonymous · ‎06-22-2011

I apologize, I must not of been clear.

HSBC sold my debt to Portfolio Recovery. I've sent HSBC gw letters to no avail.

I'm asking...What happens if Capital One takes over HSBC. What happens to the reporting of my original account with HSBC? Will sending GW letters to hsbc do any good anymore or would I now need to send Cap One GW letters? Could I theoretically DV HSBC, since they wouldn't have my info anymore and thus have to stop reporting? I'm just trying to look at the logisitics of all of this.

Chopbrocoli · ‎06-22-2011

HSBC is now out of the equation since they have already sold your account. You also cannot DV the OC since the FDCPA is not applicable to them. However, if you were to settle with Portfolio Recovery, you can always send a GW to HSBC and ask them to delete the account in whole. You can also sent a GW to Portfolio to delete your account with them after a PIF or SIF.

Anonymous · ‎06-23-2011

Can someone maybe help me explain this? I don't think I'm explaining it well and you're not understanding.

I have already GW'd HSBC. They will not budge. I GW'd Portfolio Recovery and they deleted already. However, I have a charged off account under HSBC on my credit report. I'm wondering now that HSBC won't have this division of their company, who would I send further GW letters to?

Chopbrocoli · ‎06-23-2011

If the acquisition goes through, then you would have to send your GW to Cap 1. Keep in mind, an acquisition process takes a while, especially when it comes to integration. For now, you will just have to keep on sending GW letters/ executive email carpet bombs to HSBC.