I have a derog on all three reports that should come off in 12/01. On TU and Equifax it's listed as a Collection Account with but on the Experian report it's listed under Accounts in Good standing as: Gulf State Status: Transferred. What does that mean?
I have that on my student loans that were transferred to another lender. It wasn't bad..just meant someone else took over my student loan.
Pretty common in the mortgage world where your loan will change hands about 4 months after you get one. Should have no effect on your credit.
You know, I think it 'does' hurt your score a little. I have two accounts that have been transfered and show transfered status, and a 'new' account added to my CR for the 'new' lender. It looks like I have a new account, just opened, even though it's the same account I have had for years. This is bad because 1) It stops the reporting of a long term account and 2) looks like a new line of credit has been opened. It really hurts your average account age. Any thoughts on this? Shawn
If anything, I think it helps. I would think, in the case of mortgages, that having an additional mortgage on your record is a good thing. In addition, Fair Issac (according to their website) gives you points for opening new accounts.