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Sold Account on Report-What should I do?

KFair
New Member

Sold Account on Report-What should I do?

Hi Everyone!!!  I have a sold account on my report that is listed as open and charged off.  I have the collection agencies name now and plan to pay them to make good on my debt.  My question is should the original account now show as sold on my report? Should it also show a zero balance since it has been purchased? I just want to make sure this is now being reported correctly.  Thank you in advance!

Message 1 of 8
7 REPLIES 7
RobertEG
Legendary Contributor

Re: Sold Account on Report-What should I do?

Yes, the debt balance on the OC account should have been updated to $0 promptly after the sale of the debt.

It should also report as closed.

 

 

Message 2 of 8
KFair
New Member

Re: Sold Account on Report-What should I do?

Thank you for your help! That's what I thought but I wanted to be sure. It was sold off as of April and the last update to my report was June 5th from them with a balance. At least I now have the letter from them showing it was sold. I see some disputing in my future!! Thanks again!
Message 3 of 8
medicgrrl
Valued Contributor

Re: Sold Account on Report-What should I do?

How do you know the account was sold? Are you assuming this because you've received a letter from the collection agency?


EQ 778 EXP 782 TU 729
Message 4 of 8
KFair
New Member

Re: Sold Account on Report-What should I do?

No, not assuming. I received a letter from the original creditor with the collection company's information.
Message 5 of 8
rmduhon
Valued Contributor

Re: Sold Account on Report-What should I do?

Did the letter actually say 'Your account has been sold to XYZ Company' or did it say something along the lines of 'XYZ Company will be dealing with this account in the future'? There is a difference
Message 6 of 8
KFair
New Member

Re: Sold Account on Report-What should I do?

The letter actually said your account has been sold to XYZ company. I also have the same information in an email from a representative from the OC saying who it was sold to, their address and number. I know some companies still own your debt but they have a company to collect on their behalf. This is different.
Message 7 of 8
rmduhon
Valued Contributor

Re: Sold Account on Report-What should I do?

Just making sure. Then the OC should definitely have updated the account to closed with a zero balance.
Message 8 of 8
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