Charged off but still showing balance

[Anonymous]

I have an account on TU that is charged off but showing a balance and a past due amount.  It also notes that it was purchased by another lender.  This same account reflects a $0 balance on EQ.  What do I do? This was originally from a $250 card that I stupidly let this company talk me into transferring the balance to their card. I didnt know any better.

status as of 9/06

date opened 9/04

DOLA 3/06

date closed 5/06

CL 1800

Bal 1921

Past Due 393

[llecs]

TU should have updated the balance to $0 once it was sold. You can see they haven't updated it since 9/2006.

Is the balance still outstanding from whoever purchased it? If still owed, do you know if your SOL expired?

[Anonymous]

There is no information on who purchased.  It was from Plains Commerce Bank.  That is the only thing showing.  PCB bought it from First Premier which has already fallen off earlier this year.

[llecs]

If unpaid, you'd really want to know your state's SOL before proceeding. If you send any letters or do anything to it, the company that bought the account could sue.

So PCB is the one reporting? And you are positive that the one reporting doesn't own the debt? If yes to both, then you could dispute the balance because they don't own the debt. Now disputing it could increase collection activity, so be careful. If inside SOL, they could opt to sue so you may want to have the $$$ to PIF and then some (to cover 4 yrs of interest) to stop that. Since it is inside CRTP, you could have issues with a CA so keep an eye on that. On the flip side, if the balance goes to $0 like it should if they sold it, then you could see a large increase if you have other CCs reporting. And if this account is one of your youngest, then you could see an extra increase if they delete instead.

[RobertEG]

There are two "balances" reported on a CO.  One is the balance originally charged off, and the second is the current balance status.

The amount originally charged-off wont update, but the current balance should.  If they have sold the remaining debt, then they should update current balance to $0. 

You can file a direct dispute with the OC under FCRA 623(a)(8), directed to the incorrect reporting in your credit file of current balance status with them on the debt.