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Chargeoff Balance ??

Discussion in 'Credit Talk' started by enigma, Aug 19, 2003.

  1. Aug 19, 2003 #1
    enigma

    enigma Well-Known Member

    If the OC charges off the account, is it not suppose to show as a $0 balance on my CR??
     
  3. Aug 20, 2003 #2
    lbrown59

    lbrown59 Well-Known Member

    Tis
     
  4. Aug 20, 2003 #3
    tmitchell

    tmitchell Well-Known Member

    I don't think so. I think as long as they own the debt, they can report balance (charged-off or not). If they sell it, the balance should go to $0.
     
  5. Aug 20, 2003 #4
    jlynn

    jlynn Well-Known Member

    Tmitchell is right.
     
  6. Aug 20, 2003 #5
    jam237

    jam237 Well-Known Member

    Even if they sell the account, there is a chance that the OC stopped reporting the account before they sold the account.

    Which means that they could still report the balance until you dispute the account, then it should be updated to a zeo balance.
     
  7. Aug 20, 2003 #6
    enigma

    enigma Well-Known Member

    Thanks for the response.

    I have a couple of chargeoffs some reporting as $0 balance and those were sold. The others were not.
     

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