topic Re: CA never reported account, but settled with them and OC still reporting full PD balance in Rebuilding Your Credit

CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 09:13:30 GMT

Hey Everyone! I've been browsing this site for a while, but this is officially my first plead for advice (sorry if this was answered somewhere else!).

Here is the situation:

A couple months ago I received a letter from an attorney that they were attempting to collect on a debt for the current creditor (Troy Capital LLC...OC was Chase Bank). I never received any correspondence from Troy Capital prior to that nor were they reporting the account on my credit reports (although Chase bank was still reporting my full past due balance).

Anyway, long story short...I ended up settling for less than the full balance with Troy Capital (simply because the same attorney had another account that I was being sued for, which I also settled on). Settlement occured in mid-July and I checked my EX report last week and OC is still reporting full past due balance.

I'm 90% certain that the OC no longer owns the debt because I looked at my past records from all correspondence received for this account and saw that at one point a different CA referred to Chase as their client, then another CA stated that they purchased the debt.

With all this being said, is the OC still able to report the past due balance or are they supposed to be reporting the balance as $0? If OC is supposed to be reporting a zero balance, should I dispute this? What other advice do you have?

All your help is greatly appreciated!!!

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 14:12:10 GMT

Yes, they are supposed to show a 0 balance.

How long has it been since the OC updated the account? If it has been a long time, any action on that account will cause your score to drop.

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 15:05:54 GMT

You should always get a verification of who the original creditor was, with the original account number, so you know exactly what you are dealing with. Technically, if the debt was sold, then the original creditor assigned its right to collect on the debt to the collection agency, and the original creditor is no longer the party with standing to sue to collect the debt.

But...is the "past due" info from Chase in a "closed account" section on your credit report?

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 15:12:44 GMT

I would contact Chase and ask them if they sold the debt and to who, if they did,

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 16:19:00 GMT

Yeah I probably should've called chase before paying, so I hope I didn't make a big mistake and pay the wrong company.

Not sure this is the last time they updated but status is as of July 2010. Balance is reported as $0, current status is "account delinquent 180 days past due", and past due amount shows full balance.

Also, I just noticed in the descriptions that it says "Transferred to another lender". I probably should also mention that I think this account is scheduled to call off my report sometime in 2015.

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 16:19:54 GMT

Sorry, fall of my report not call off.

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 16:35:06 GMT

The TL is showing a current 0 balance and says transferred which means they sold the debt.

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 17:05:46 GMT

Ok, so the past due balance should be reported at $0? If so, would it help my score any if they ended up changing it?

From what I understand, this is account is year and a half from falling off my report so it probably isn't affecting my score too much. I just want to make sure it's worth my time to get it changed.

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 17:23:38 GMT

No, that is reporting correctly. They can show what the past due balance is. That has no affect on your score at all.

Is it showing a 0 CL also?

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 21:43:28 GMT

Sorry what is CL?

Re: CA never reported account, but settled with them and OC still reporting full PD balance

wHiTeSoL — Sat, 31 Aug 2013 21:54:23 GMT

I'm in the same situation too, OC (GEMB) has a charged off account still with a balance due that they claim is collectable even though they sold the debt to a CA where i paid in full. (The CA also deleted at my GW request). So you are saying they can still report a balance? Mine has no CL so I assume it's not affecting my utilization?

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 22:35:26 GMT

@wHiTeSoL wrote:
I'm in the same situation too, OC (GEMB) has a charged off account still with a balance due that they claim is collectable even though they sold the debt to a CA where i paid in full. (The CA also deleted at my GW request). So you are saying they can still report a balance? Mine has no CL so I assume it's not affecting my utilization?

No, if they sold the debt they cannot report a current balance, it must be 0. They can show a past due or what was CO'd

No it isn't affecting your score.

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 22:35:55 GMT

@Anonymous wrote:
Sorry what is CL?

Credit limit.

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sat, 31 Aug 2013 23:55:14 GMT

Ok, yes CL is being reported as zero

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sun, 01 Sep 2013 01:15:05 GMT

Sorry just checked and CL is still being be reported as $2500

Re: CA never reported account, but settled with them and OC still reporting full PD balance

Anonymous — Sun, 01 Sep 2013 01:32:24 GMT

If there is no current balance being reported you should be ok.

If you can post the way it is reporting it would be much easier to decipher.