My husband has a loan on his truck we received through a local credit union. The bank went out of business last january and sold the account to our new bank. On his credit report both accounts show up and current. The old account balance never changes as it is frozen at whatever was the balance last year when the sale happened and of course the new loan shows up and decreases every month.
My question is shouldn't the old loan be at a 0 balance? It is dramatically affected his credit score because it looks like he is in double the debt with a never decrease to his balance. Is this similar to what a refi would look like? Or do I need to contact the bank and make them fix it?
I wanted to check here first because I get the best information from this group and I think the bank might not know what they are talking about. Should I dispute it with the CRAs?
My question is shouldn't the old loan be at a 0 balance? It is dramatically affected his credit score because it looks like he is in double the debt with a never decrease to his balance. Is this similar to what a refi would look like? Or do I need to contact the bank and make them fix it?
I wanted to check here first because I get the best information from this group and I think the bank might not know what they are talking about. Should I dispute it with the CRAs?
Oh and it looks like he has two car loans instead of just the one.
