Sold Accounts Should Have Zero Balance?

[Cotton_Britches]

I have a credit card account from First Premier that was charged off three years ago and sold to a third party collection agency. On my credit report, there's still a balance listed under First Premier.

Shouldn't the balance read zero since the accounts were sold to someone else? 

The collection account is not listed on my reports at all.

Message Edited by missypants on 01-13-2010 10:22 PM

[LIGHTNIN]

Welcome to the forums,

CA's are either assigned a debt or they own the debt from the OC.

When assigned to a CA, only 1 OC and 1 CA can report the same debt.

When an OC sells a debt to a CA, then the OC must report a  $0 balance.

Are you sure this debt was sold? 

[daisyduke]

Hi Missypants,

FP most likely still owns the account. I had a CO I think from 07 and I just paid them directly, they cashed the checked and then reported a paid CO. I did not have a CA reporting, but I have CA's trying to collect on the debt. it was small, under $300....

[DI]

If the OC sells the debt to a CA, only the CA can report a balance and the history of the account.  PM me for a link to the  Credit Reporting Resource Guide if interested.