First let me say welcome to the forum.......I have seen this when some of the card companies sell accounts.. Of course it isn't fair to the customer who had no control over the sale. What you will more likely see that when the PennyMac reports that your account is dated to the original date instead of being new like you just got it,,therefore the score would improve again. If I'm not mistaken the BOfA loan should still report even though closed for up to 10 yrs. from what is discussed here... I'm not an expert though,, You've raised some interesting questions that will benefit a lot of people when settled.. I am sure the experts here will weigh in on how this works...
You're in the right place for info....Please keep us posted as this plays out
You're in the right place for info....Please keep us posted as this plays out
I had the same situation when my mortgage loan was sold. I had a 2 month period where the original mortgage showed as closed, and the new company wasn't reporting yet--my score also went down. Once the new company started reporting, they reported the original loan date, and my score recovered. My report still shows the loan with the original mortgage loan, but it appears as closed, balance $0. There won't be any long term effect of the "new" loan once it starts reporting, though it sounds like this timing is inconvenient
