New Contributor
uptomyneck
Posts: 51
Registered: ‎06-07-2007
account description, what does Chattel mean?
I hadn't looked up my credit in three months and I just pulled up scorewatch.  I have one account that is listed as 0 balance, no late payments, last activity in Nov 2007.  Under status it's listed as "Contact Member for status." and under description it says "Consumer Disputes account information." and "Chattel."  This account was a pain in the *ss & I never disputed the account with the CRAs.  What does "chattel" mean?
Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007
Re: account description, what does Chattel mean?
chattel is an Old English word for cattle that was put up as collateral on a loan.

Not an often used term now days, but it is to mean collateral.
"Never ever, ever be late. Never" (FUTR)
New Contributor
uptomyneck
Posts: 51
Registered: ‎06-07-2007
Re: account description, what does Chattel mean?
So what it's just saying it was a loan with collateral?  That part is true.  Why does that matter, or does it?
Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007
Re: account description, what does Chattel mean?
I really don't know for sure, but I'd suspect the OC is merely reporting detailed information regarding the collateralized loan.

Sorry I can't help you further.
"Never ever, ever be late. Never" (FUTR)
New Member
Maori
Posts: 2
Registered: ‎06-14-2012
Re: account description, what does Chattel mean?

I am curious to know if you still login here. I seen this too and would like to know a little background information.

Frequent Contributor
LionLaw
Posts: 258
Registered: ‎06-10-2012
Re: account description, what does Chattel mean?

A chattel is a piece of property other than real estate.  If you're seeing it in the context of credit, it's probably related to a loan on some piece of personal property (like a car, furniture, electronics, etc.).


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Shogun
Posts: 12,883
Registered: ‎04-15-2011
Re: account description, what does Chattel mean?

Well I had no idea what it was!   Lol.  Old post though.  


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Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007
Re: account description, what does Chattel mean?

Similar to knowing that real property has a mortgage, knowing that other debt in personal, moveable property or other securities has a chattel interest on it simply informs other creditors that they wont be first in line in an attempt to secure that property should you default on your credit with them.

They cant expect to get at that property through a court order to attach it.

Moderator
Revelate
Posts: 8,322
Registered: ‎12-30-2011
Re: account description, what does Chattel mean?

Thanks Robert!

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