Has anyone experienced applying for new credit, but the creditor charged the balance for an old, unpaid balance of another (charged-off) account to your new TL?
I've never heard of this practice, but it would seem that this would be illegal. This is a "reaging" of the debt, and a transaction that you did not authorize. If this did happen to you, I would study the account terms and conditions agreement to see if the contract allows this.
Please report personal info and post how the accounts are reporting on your credit reports.We will be able to find a direction to correct this with the additional information.
Here's the deal: I have a charge-off that apparently was bought by another cc company. They are offering to open a new account with me, but the stipulation is that they tack on the old balance they bought.
Sounds like eMerge which is better known as CompuCredit. Is the offer issued through "Jefferson Capital?" I've also heard of Encore doing this as of late. Don't take the offer . . .
Also sounds like a couple of the scams used by some Collection Agencies; it is a way to charge more interest on the old debt. With some of these scams, there is no "available credit", the CC is only for the debt amount, and you rack up fees and high interest. If it sounds too good to be true......
