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I recently pulled my credit reports and noticed a charged off fingerhut account from 2011 for 767.00. I disputed with credit reporting agencies and it came back verified. And I just got a letter from fingerhut stating that the acct has been sold to Jefferson capital. I pulled my reports today and fingerhut is still reporting a balance of 767.00. Can they report a balance if the account has been sold? I haven't been contacted by the collection agency either.
@Anonymous wrote:I recently pulled my credit reports and noticed a charged off fingerhut account from 2011 for 767.00. I disputed with credit reporting agencies and it came back verified. And I just got a letter from fingerhut stating that the acct has been sold to Jefferson capital. I pulled my reports today and fingerhut is still reporting a balance of 767.00. Can they report a balance if the account has been sold? I haven't been contacted by the collection agency either.
No they must report a 0 balance, I would send FH a Section 623 dispute over the balance since they have sold it. I would also be contacting the CA to settle it prior to their reporting it on your CRs.
If they have, in fact, sold the debt, then yes, they must update the reported debt balance to $0.
It is a readily correctible matter.
I would first call them and remind them of their obligation to have updated.
I would not dispute until first advising them of the error, and providing a reporting cycle for them to update. No need for a pending dispute flag, which affects your scoring, if it can be corrected informally.
Sounds like a plan. Thanks so much! When I call the CA what should my offer be? There is no way I can Pif.
@Anonymous wrote:Sounds like a plan. Thanks so much! When I call the CA what should my offer be? There is no way I can Pif.
I would advise a payment plan that you both can live with. Remember a new promise to pay in writing can reset the SOL in a lot of the states so only sign such an agreement if you can actually live up to its terms.
Thanks so much for the great advice. I will definitely follow it!
But if they haven't contacted me shouldn't I let sleeping dogs lay? It's not on my credit reports and I've never heard from them. If I do call what should my offer be?
*bump*
@Anonymous wrote:But if they haven't contacted me shouldn't I let sleeping dogs lay? It's not on my credit reports and I've never heard from them. If I do call what should my offer be?
If its not on your reports now you want to settle it prior to appearing, its an opportunity for you. You could just wait for it to appear then offer the PFD but I believe in heading off reporting all together. Inside SOL with payments having to be made I would offer the full amount, if you can raise the cash I might offer 75% as settlement.
Thanks so much!