how does my specific co effect my utilization?

[Anonymous]

I understand. Well, on EQ, you will not be affected by utilization, but on any report that shows a balance, you will.

[johnpalley]

the thing that i dont get is there is nothing on my credit report that shows a new collection agency with a balance that took it over. by law does the credit card company have to show a 0 balance if they sell the dept? im just trying to figure out if the account tries to report again, do they have a right to change the balance from 0 to something else after its sold? by law will they not be allowed?

Message Edited by johnpalley on 08-11-2008 01:12 PM

[Anonymous]

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@johnpalley wrote:
the thing that i dont get is there is nothing on my credit report that shows a new collection agency with a balance that took it over. by law does the credit card company have to show a 0 balance if they sell the dept? im just trying to figure out if the account tries to report again, do they have a right to change the balance from 0 to something else after its sold? by law will they not be allowed?

Message Edited by johnpalley on 08-11-2008 01:12 PM

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Here is the thing, if the debt was sold, the OC should report a $0 balance, although, that often does not happen. The debt collector has an option to pursue you and report to the CRA's, or, just leave you alone. It looks like your debt may be OOS, so, they probably don't want to waste the time nor energy attempting collection at this point.

[johnpalley]

ssstevie , so i take it from your response that it is not a law because some credit card companies show more than a zero balance after they sold the dept. thanks for the info

[Anonymous]

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@johnpalley wrote:
ssstevie , so i take it from your response that it is not a law because some credit card companies show more than a zero balance after they sold the dept. thanks for the info

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Honestly? I think there may be a law; I have to research it. Legally, they are supposed to show nothing other than 100% accurate information, you do not owe THEM a balance, so, they should not show such on your credit file. There are many things done illegally by OC's, and JDB's, etc., when posting to credit files. I just found out one of my sisters works for a collection agency (she's not a collector) and she told me about how they re-age accounts after settlement..."all the time". LOL...I couldn't believe that even she didn't know it was illegal!

[johnpalley]

ssstevie , yeah if you end up finding out please let me know. or if anyone knows please post. thanks

[Anonymous]

Working on that for you; definitely want to try and find that.