topic Re: First Premier Bank charge off still reporting balance in Rebuilding Your Credit

First Premier Bank charge off still reporting balance

Anonymous — Mon, 25 Jan 2021 00:25:47 GMT

ok im new to this so someome plese tell me if im doing something wrong. I had a credit card with first premier bank several years ago and fell behind and it turned into a charge off and was sold to a debt buyer. but on my report they are still reporting i have a balance of $453 and my utilization is 151% on that account. I thought when a creditor sells your debt on a charged off account that you dont owe the creditor anything anymore, you would owe the collection agency. someone correct me if im wrong. ive disputed it but it didnt work they just said its being reported acturally. i wasnt disputing that i dont owe the debt but i just dont understand how fpb can sell your account yet still report a monthly balance. I need help on what to do here. i know the best thing to do would be pay the debt which i plan to do within the next few months. can anyone tell me what i can do in the mean time to stop them from reporting a $453 balance on a sold debt?

Re: First Premier Bank charge off still reporting balance

thornback — Mon, 25 Jan 2021 00:32:50 GMT

Youre correct, if they sell the debt they have to update the balance to reflect $0.

That said, FP doesn't usually sell their debts- instead, they transfer debts to a collection agency for collection purposes, while retaining ownership of the debt which allows them to continue reporting the amount owed and updating the tradeline.

Do you have a statement from FP claiming to have actually sold the debt?

Re: First Premier Bank charge off still reporting balance

Anonymous — Mon, 25 Jan 2021 00:31:47 GMT

@Anonymous wrote:
ok im new to this so someome plese tell me if im doing something wrong. I had a credit card with first premier bank several years ago and fell behind and it turned into a charge off and was sold to a debt buyer. but on my report they are still reporting i have a balance of $453 and my utilization is 151% on that account. I thought when a creditor sells your debt on a charged off account that you dont owe the creditor anything anymore, you would owe the collection agency. someone correct me if im wrong. ive disputed it but it didnt work they just said its being reported acturally. i wasnt disputing that i dont owe the debt but i just dont understand how fpb can sell your account yet still report a monthly balance. I need help on what to do here. i know the best thing to do would be pay the debt which i plan to do within the next few months. can anyone tell me what i can do in the mean time to stop them from reporting a $453 balance on a sold debt?

Is it actually sold (like you reached out and they stated the debt was sold) or are they just having a CA collect on behalf of them? Both can report the balance if the OC did not sell the debt.

Re: First Premier Bank charge off still reporting balance

Bankrupt2019 — Mon, 25 Jan 2021 00:46:33 GMT

Is there a collection agency account on your report for the balance? If not FP likely still owns the debt and just marked it as CO for accounting purposes. You're in pretty good shape if you can afford to pay it, because you can just pay FP and not have to deal with another ding of a collection account on your report.

Re: First Premier Bank charge off still reporting balance

Anonymous — Mon, 25 Jan 2021 01:20:14 GMT

after the dispute with the credit bureas, there was a remark made on the account that says

Charged off account/ transfered/sold to debt buyer

meets all requirements of FCRA

consumer disagrees

Re: First Premier Bank charge off still reporting balance

thornback — Mon, 25 Jan 2021 01:25:57 GMT

@Anonymous wrote:
after the dispute with the credit bureas, there was a remark made on the account that says
Charged off account/ transfered/sold to debt buyer
meets all requirements of FCRA
consumer disagrees

Then you should send a Direct Dispute to First Premier (mail it to them or send them an email) requesting they update the balance to $0 per FCRA rules and provide the contact information of the collection agency to which the debt was sold. Include a copy of that portion of your credit report along the latest dispute results showing that they have stated the account was sold.

Re: First Premier Bank charge off still reporting balance

Anonymous — Mon, 25 Jan 2021 01:28:49 GMT

ok thats what i will do. thanks for the help.

Re: First Premier Bank charge off still reporting balance

Anonymous — Mon, 25 Jan 2021 02:08:50 GMT

@Anonymous wrote:
ok thats what i will do. thanks for the help.

@Anonymous , before you do that, can you confirm what the others asked above? Do you have a statement in writing from FPB that they actually sold the debt? Or are you assuming they did because you have a collection for it from a collection agency?

As mentioned above, if they did not actually sell it and have simply contracted a CA to collect on it for them, then it's completely legal to have them reporting a balance and you have no basis for dispute.

Re: First Premier Bank charge off still reporting balance

Anonymous — Mon, 25 Jan 2021 02:15:05 GMT

@thornback wrote:
@Anonymous wrote:
after the dispute with the credit bureas, there was a remark made on the account that says
Charged off account/ transfered/sold to debt buyer
meets all requirements of FCRA
consumer disagrees
Then you should send a Direct Dispute to First Premier (mail it to them or send them an email) requesting they update the balance to $0 per FCRA rules and provide the contact information of the collection agency to which the debt was sold. Include a copy of that portion of your credit report along the latest dispute results showing that they have stated the account was sold.

It does say transfer/sold, so it could be either or both. I would dig deeper than a remark on the CR.

Re: First Premier Bank charge off still reporting balance

thornback — Mon, 25 Jan 2021 02:20:35 GMT

@Anonymous wrote:
@thornback wrote:
@Anonymous wrote:
after the dispute with the credit bureas, there was a remark made on the account that says
Charged off account/ transfered/sold to debt buyer
meets all requirements of FCRA
consumer disagrees
Then you should send a Direct Dispute to First Premier (mail it to them or send them an email) requesting they update the balance to $0 per FCRA rules and provide the contact information of the collection agency to which the debt was sold. Include a copy of that portion of your credit report along the latest dispute results showing that they have stated the account was sold.
It does say transfer/sold, so it could be either or both. I would dig deeper than a remark on the CR.

Gah! my eyes completely glossed over the "transferred" and only saw "sold". TY @Anonymous

So as suggested in my first response -- First Premier likely only transferred the debt as that is their norm. You should be able to gain clarification on the status (sold or transferred) with a phone call to FP.

Re: First Premier Bank charge off still reporting balance

Anonymous — Mon, 25 Jan 2021 03:14:48 GMT

ok when i seen transfer/sold i just assumed it had been sold. but either way, transfered or sold how would that give fp the right to keep monthly reporting a balance? I need to just call fp tomorrow and just flat out ask who ownes the debt, fp or jefferson capital. So is it pretty common for first premier to do this?

Re: First Premier Bank charge off still reporting balance

Anonymous — Mon, 25 Jan 2021 03:18:37 GMT

Here's how it works:

If the CA is collecting on behalf of FPB, then the bank owns the debt and in this case they'll be allowed to report the balance. If they sold it, the CA owns the debt. It appears in your case that FPB owns it still and is only enlisting a CA to collect for them. You should be able to ask the bank if they'll accept direct payment.

Re: First Premier Bank charge off still reporting balance

thornback — Mon, 25 Jan 2021 03:30:45 GMT

@Anonymous wrote:
ok when i seen transfer/sold i just assumed it had been sold. but either way, transfered or sold how would that give fp the right to keep monthly reporting a balance? I need to just call fp tomorrow and just flat out ask who ownes the debt, fp or jefferson capital. So is it pretty common for first premier to do this?

Yes. This is how FP (and many lenders) typically handles debt. They retain ownership while handing off collection efforts to an outside agency. It's perfectly legal for them to continue updating as the debt is still owed to them.

If you pay the debt via Jefferson capital, they will advise FP of payment and FP will then update their tradeline to reflect paid, $0 balance.

Alternatively, you can try to pay FP directly but they will likely refer you to the collection agency.

Re: First Premier Bank charge off still reporting balance

OmarGB9 — Mon, 25 Jan 2021 06:53:08 GMT

Just to add on, it's legal and acceptable for both FP and the CA to report on the account until it is paid. So it's possible for both to be showing.