First Premier Account Sold to "Debt Transfer" CA

[Anonymous]

After multiple attempt of trying to have a PFD with First Premier, I called today and they inform me that my debt was actually sold to a company called "Debt Transfer" yesterday. I questioned if now First Premier will now stop reporting on my credit report, because they no longer own the debt? The representative explained yes it usually takes 30 days to fall off the report. Is this true? I would like to reach out to the new CA before the start reporting to the CRAs and see if we can settle the balance before I receieve another negative hit.

If I were to reach out to the new CA what would be the best approach to make sure they do not report on my credit? Is it also true that First Premier will stop reporting now they are no longer the debt owner?

[RobertEG]

The original creditor will "stop reporting" in the sense that they must update their account to show $0 balance, and thereafter they are instructed per the CRA reporting manual to cease further updates unless necessary to correct the accuracy of reported information.

However, they are not required to delete their reporting of the account, including its history prior to sale of the debt.

The new owner has now acquired, by purchase of the debt, collection authority, and can thus report their collection at any time.

It is a good time to contact the new owner and make a pay for not reporting offer, which, if accepted, will prevent reporting of a collection.

However, the debt collector cannot agree to any deletion of reporting they did not make, and thus cannot commit to any deletion of OC account reporting.  You would have to contact the OC and request a voluntary good-will deletion of their reporting directly by them.