cancel
Showing results for 
Search instead for 
Did you mean: 

They sold the account

tag
ssghandless
Contributor

They sold the account

I had an account with HBSC awhile ago. I think around 2002. They somehow sold this account to EMCC on 5/2006 but they are still reporting it but with no lates on the bureaus. is this legal? Plus they admitted it in a letter. I posted a piece of the letter below. Another thing, I do not even see EMCC on my credit bureaus?! AND the phone number they listed does NOT work. But somehow someone is really taking the time to mess up my credit. What's the next step? 

 

The letter: 

 

This letter is confirmation that we are currently reporting your account to the consumer-reporting agencies as follows:

 

Account is sold. Any balance that may have been due was transferred in the sale.

 

As of May 17, 2006, we no longer own this account. Please direct all future inquiries regarding this account to the new legal owner.

 

EMCC

(800) 365-0492



4/5/12 TU-635 Ex-634 Eq-646 (Kroll Fact. Home loan)
9/8/10 TU-654 Ex-627 Eq-638
8/1/10 TU-629 Ex-627 Eq-638


Starting Score: 526
Current Score: 635
Goal Score: 750


Take the FICO Fitness Challenge





Message 1 of 7
6 REPLIES 6
Creditaddict
Legendary Contributor

Re: They sold the account

I'm confused... If household is reporting this sold and current, wouldn't that be helping your credit?

and if EMCC is not on your credit, that wouldn't be hurting you either.

Message 2 of 7
RobertEG
Legendary Contributor

Re: They sold the account

Yes it is proper.  Selling the debt does not erase prior activity on the OC account. All that is requred is that current balance status now show $0

As has been stated, in your case, continued reporting of the account is actually beneficial. 

Message 3 of 7
Anonymous
Not applicable

Re: They sold the account

I received the exact same letter from HSBC/Bestbuy. They say they sold it to someone named Sherman, but they've never reported anything. I'm glad to hear it may be beneficial, have to go back and see what the CR says.

Message 4 of 7
ssghandless
Contributor

Re: They sold the account

The accounts are listed as Chargeoffs on my CR:

 

 

HSBC/RS
 
 Account No.: ****  ****  **** 
 Condition: Derogatory  Open  Derogatory
 Balance: $0  $0  $0
Type: Charge account  Charge account Medical debt
Pay Status: Collection/Chargeoff Collection/Chargeoff

 



4/5/12 TU-635 Ex-634 Eq-646 (Kroll Fact. Home loan)
9/8/10 TU-654 Ex-627 Eq-638
8/1/10 TU-629 Ex-627 Eq-638


Starting Score: 526
Current Score: 635
Goal Score: 750


Take the FICO Fitness Challenge





Message 5 of 7
ssghandless
Contributor

Re: They sold the account

Anyone?



4/5/12 TU-635 Ex-634 Eq-646 (Kroll Fact. Home loan)
9/8/10 TU-654 Ex-627 Eq-638
8/1/10 TU-629 Ex-627 Eq-638


Starting Score: 526
Current Score: 635
Goal Score: 750


Take the FICO Fitness Challenge





Message 6 of 7
RobertEG
Legendary Contributor

Re: They sold the account

The "drop-off dates" set forth in FCRA 605(a) do not, in any way or fashiion, restrict any reporting by anyone to your credit file.  If accurate, it can be reported forever.

The "credit reporting drop off dates" specified in the various sections of FCRA 605(a) do NOT relate to credit reporting done by a creditor or debt collector.

They are simply dates imposed on the credit reporting agencies, restricting  what they can and cannot include in any credit report they issue, of certain information that has been reported to your credit file.

FCRA 605(b) sets forth an express exemption of the credit reporting restrictions of FCRA 605(a) in the event someone requests your credit report that involves a credit or insurance transaction involving a principal balance of $150,000 or more (that embraces most mortgage loans).

So reporting by a creditor or debt collector beyond the dates of restriction on FCRA 605(a) inclusion in your CR are totally proper.  There is no basis for challenging their accurate reporting.

 

 

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.