transferred/sold collection

[Anonymous]

4 year old auto chargeoff had 4k balance.. it closed out last week and now I get a letter from a new company saying they bought the debt.... When they report for the first time will it appear to the CRA's that I hava a "new" collection and hurt my chances for an FHA? Also will the transferred collection kill my fico?

Please help!

[myjourney]

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@Anonymous wrote:

4 year old auto chargeoff had 4k balance.. it closed out last week and now I get a letter from a new company saying they bought the debt.... When they report for the first time will it appear to the CRA's that I hava a "new" collection and hurt my chances for an FHA? Also will the transferred collection kill my fico?

Please help!

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What do you mean by closed out? 

If the 7 year term has expired then no it can't be placed back on CR's even with a new CA having bought the debt 

Bottom feeder CA's will try and convince you that they will to pressure you into paying but if your past SOL and the 7 year term has expired ......Starts from last payment 

The CA is well should we say SOL so to speak 

However if you have 3 years left before the 7 year period to expire then yes they can list it on CR's but the old one must be removed and the same history must be displayed 

[Anonymous]

Door #2.. 3 years left so I guess they can list it. BUT does it count as a "new collection" opened in the last 12 months?

[myjourney]

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@Anonymous wrote:
Door #2.. 3 years left so I guess they can list it. BUT does it count as a "new collection" opened in the last 12 months?

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I'm 99% sure it will look as a new CO....sorry 

EDIT forgot to add a PFD may be a good option in this case if you can afford it

[fused]

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@myjourney wrote:

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@Anonymous wrote:
Door #2.. 3 years left so I guess they can list it. BUT does it count as a "new collection" opened in the last 12 months?

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I'm 99% sure it will look as a new CO....sorry 

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Yep! If the status date shows a recent date, expect damage to the scores. Not fair in my estimation.