Credit report notations

Discussion in 'Credit Talk' started by penguin, Apr 29, 2001.

  1. penguin

    penguin Well-Known Member

    I have an account that's listed as "transferred or sold". It's an old debt, listed as an R5, and it doesn't say charged off (although it does have a zero balance). Should the acct. say one or the other, that is: "sold" or "transferred"? The confusion lies in not really knowing who has the ownership to this account.

    Also, if an account is marked as charged off, should a balance still show on it? I have an account with a balance showing and interest still accrueing, while another has a balance of zero.

    If any of you help me out with this, please also let me know how to best handle these listings if you have the time. Thank you.
  2. Linda

    Linda Well-Known Member

    I have these same questions and was hoping someone would respond to your post.

    Moving this back to the top, hoping someone will take pity and respond. :)
  3. penguin

    penguin Well-Known Member

    I guess know one really knows...:(
  4. Concerned

    Concerned Well-Known Member

    Charged-Off means "charged-off as uncollectable" by the company and is a finance/accounting term only. They basically took a write-off on their corporate taxes for the money owed because they couldn't collect on it. So, the balance is not zero. You still owe them the amount listed.
  5. Concerned

    Concerned Well-Known Member

    And they can still charge interest. Although why bother? I mean you couldn't pay it before so they continue to run up how much you owe? But they do anyway. Maybe you'll need to own property or run into some money. . .etc.

    The transferred or sold notation is not mutally exclusive. It really does not matter whether it was sold or transferred. They essentially mean the same thing. You need to contact the original creditor if you are interested in knowing who owns it now. The CRA's don't really care who owns it and most likely don't know.

    Dispute ANYTHING wrong about the listing and hope it does not come back verified if you are looking to delete accurate negative listings. If that does not work after numerous attempts, just work to have the right dates, balances etc. so your score takes a small a hit as possible.
  6. penguin

    penguin Well-Known Member

    Thanks for the info! I was just confused because there's a charge off that DOES list a zero balance. Like you said, details like these could possibly get me a deletion.

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