I've got two charge off that were sold to CAs (Resurgent Capital). I paid off the CAs and they were deleted off my report awhile back. I still have the COs, but was wondering if they should be marked as PAID CO, or if it will remain as just a CO sold to another lender?
Both of these are Fingerhut and Gettington(WebBank), and looks like they're due to fall off 11/2025. I have the satisfaction letters from the CA, but I can't get ahold of anyone at either place that has the slightest idea what my question is.
@vntrsc wrote:When an original creditor sells an account, it no longer has anything to do with the account. Settling with a debt buyer, the new owner, has no effect on the original creditor's reporting.
Once an original creditor sells an account, it must update the balance to $0. However, that does not change the charge off status of the account. It cannot be changed to show "settled" or "paid charge off" because the account was not settled or paid with the original creditor. The creditor already sold the account. It was the new owner who received payment.
You're correct! It would be updated to $0 balance once sold, but the status wouldn't change. Thank you for catching that!
edit: I can't edit my answer above, in order to correct it 
That's sort of what I was figuring. Thanks for the information!