I had Synchrony bank charge card back in 2017, and went to charge off on March 2019. This account is sold to Midland credit and trying to resolve this account. My Transunion report shows with balance, but no midland credit as a collection agency. I checked midland credit and showing the account with Synchrony charge card.
Should I contact Synchrony to update a correct balance since it was transfered to Midland?
How do I attack this?
Thank you for your inputs
Most likely Midland is just collecting on behalf of Synchrony, hence why they don't show in your reports (though they CAN report if they so choose). Anyway you can try to pay either one, though Synchrony may just refer you back to Midland if they hired them to collect. But what's wrong with the balance?
How do you know Sync sold the debt to Midland?
If a company sells the debt, they have to update the balance to reflect $0 and will typically notate the account as 'Sold' in the comments.
In many cases tho, the creditor will retain ownership of the debt and only grant collection authority to a collection agency so they may continue collection efforts. In this case, the creditor can still report the balance on the account.
@Anonymous wrote:Thank you for an input.
When Synchrony sold my account to Midland, shouldn't it report to $0 balance on Synchrony and Midland with a balance?
Well, @thornback beat me to it, but yes you're right, IF Synchrony sold the debt to Midland, they would be required to update their TL to $0 balance. However, the way you're describing it, it appears as though Synchrony has NOT sold the debt to Midland, they only hired them to collect on their behalf while still retaining ownership themselves. Thus, the balance remains with Synchrony so their reporting would be correct.
@Anonymous wrote:
I will try give a call to Synchrony tomorrow and find out exactly what happened. Thank you all!!!
Sounds good!