After a request to validate with First USA, they replied with a letter stating the account had been sold. The company that bought the account was North American Capital. 1. Does First USA have the right to list the account on my Credit Reports? 2. Is there a way to have this removed? North American Capital is not reporting the account. Thanks! tix
YOu take that letter and send a copy of it to the CRAs reporting it. They no longer own the debt, therefore have no right to report it.
You can try to do as Kiyi suggested, however, the fact is they legally can report the acct. If it was sold, it must state acct sold or transferred - 0 balance.
Are you sure about this? I'm sure that the OC should list $0 balance if the account is sold, but can't they continue to report it as a closed account? I've heard of people who had their credit seriously damaged by a single account being "charged off" and then re-sold to 2 or even three CAs. This can create several very derogatory listing on a report, and my understanding is that it's still allowed, as long as the non-owning agency reports it as $0 bal & closed account. If this happens, the consumer is just screwed on his/her credit until 7 years pass...
