topic Re: Had loan with LOANME but they sold it and now I cant find who owns it, what should I do? in Rebuilding Your Credit

Had loan with LOANME but they sold it and now I cant find who owns it, what should I do?

C1navigator — Thu, 11 Feb 2021 05:31:48 GMT

I am working on finding a new job and I have one collection that I need to get removed. It is from a company called LOANME. They said they sold it a few year ago to debt management partners. Then, I contacted debt management partners and they referred me to PMD financial. I havent heard anything back. I am concerned about this collection keeping me from getting a new job. My field takes this kind of stuff seriously. What should I do next? I have had luck paying my other debts and getting them removed. This one I cant seem to find who owns it.

Re: Had loan with LOANME but they sold it and now I cant find who owns it, what should I do?

40thieves — Thu, 11 Feb 2021 05:37:21 GMT

What does it say on your credit report(s)? Is there only a chargeoff with LOANME as the owner, and no active collection? Or is there an active collection, and who is shown there as the owner of the collection?

Re: Had loan with LOANME but they sold it and now I cant find who owns it, what should I do?

C1navigator — Thu, 11 Feb 2021 05:41:45 GMT

It says LOANME. No collection agency has reached out to me. However, I need to this to be reported as paid on my credit report.

Re: Had loan with LOANME but they sold it and now I cant find who owns it, what should I do?

simplegirl — Thu, 11 Feb 2021 10:47:40 GMT

Well if loanme is still showing a balance then they still own the debt which means you should be able to pay them to get it taken care of.

Re: Had loan with LOANME but they sold it and now I cant find who owns it, what should I do?

Anonymous — Thu, 11 Feb 2021 10:51:46 GMT

They are required to update the information and delete it when they sell it and their collection authority is terminated. So if it's there and they don't own it, a dispute should remove it.

I'm assuming you've already used the contact information there to contact them as you said above and they said they no longer own it and they sold it, so if that's the case, it was their job to delete the tradeline from your credit report.

And once that's done and you don't see it, I don't think any employers will either. If it does end up coming back out of the woodwork you'll have to deal with that then.

Re: Had loan with LOANME but they sold it and now I cant find who owns it, what should I do?

Anonymous — Thu, 11 Feb 2021 12:56:44 GMT

@Anonymous wrote:
They are required to update the information and delete it when they sell it and their collection authority is terminated. So if it's there and they don't own it, a dispute should remove it.

I'm assuming you've already used the contact information there to contact them as you said above and they said they no longer own it and they sold it, so if that's the case, it was their job to delete the tradeline from your credit report.

And once that's done and you don't see it, I don't think any employers will either. If it does end up coming back out of the woodwork you'll have to deal with that then.

I thought they only had to update it to $0 if they sold it to a CA and not required to delete the original TL?

Re: Had loan with LOANME but they sold it and now I cant find who owns it, what should I do?

C1navigator — Thu, 11 Feb 2021 14:36:58 GMT

The company referred me to another company since they said the sold the debt. If I want to pay it, contact the new company. However, I cant get in contact with anyone at the new company. So, how would I pay it off then? I need to know who is working with my account.

Re: Had loan with LOANME but they sold it and now I cant find who owns it, what should I do?

OmarGB9 — Thu, 11 Feb 2021 15:18:23 GMT

@Anonymous wrote:
They are required to update the information and delete it when they sell it and their collection authority is terminated. So if it's there and they don't own it, a dispute should remove it.

I'm assuming you've already used the contact information there to contact them as you said above and they said they no longer own it and they sold it, so if that's the case, it was their job to delete the tradeline from your credit report.

And once that's done and you don't see it, I don't think any employers will either. If it does end up coming back out of the woodwork you'll have to deal with that then.

Not if they're the OC. The OC wouldn't be required to delete their original TL, even if they sold it.

Re: Had loan with LOANME but they sold it and now I cant find who owns it, what should I do?

Anonymous — Thu, 11 Feb 2021 17:38:18 GMT

@Anonymous as @OmarGB9 clarified this is a collection not an OC. So when one collection loses collection authority by selling to another collection authority then they have to delete their CA TL, which can be replaced by the new one.

Re: Had loan with LOANME but they sold it and now I cant find who owns it, what should I do?

C1navigator — Wed, 10 Mar 2021 13:33:00 GMT

I disputed this and it ended up getting deleted from my credit report. I am still going to pay it but thank goodness.

Re: Had loan with LOANME but they sold it and now I cant find who owns it, what should I do?

Anonymous — Fri, 02 Apr 2021 04:02:39 GMT

@C1navigator

Hello,

Could you please share how you did a dispute for this (what tool)?

I have the same issue charged off credit from Loanme, but they sold my account - and I can't find a way to pay out.

Thank you in advance!