I am a little confused regarding on how the proper status for this account should be permanently reporting, until it drops off in 2009 (based upon DOLA-last payment 10-2002). Original creditor is Discover listed on BK CH 7 filed in 10-2005, BK discharged in 1-2006 and again in 4-2006, account was a CO prior to BK filing, account transfered/sold to Option Card, prior to BK filing according to two of the CRA, and account transfered or sold, CO account according to the third CRA.. EQ reports as CO, Additional info: Account transferred or Sold, Charged off Account. (No one else on CR reporting this account.) TU reports as CO, Remks: Purchased by another lender. Collateral: SLDTO OPTION CARD (Option Card not reporting on CR) EX reports as Status: Account CO. Past due 180 days, $4,799 written off, Creditor's statements "Purchased by another lender." Sold to : OPTION CARD (Option Card not reporting on CR) Soft inquiry by Option Card LLC June 2004. Discover CO May 2003 My question is: Is this account reporting correctly as CO (only) since it was sold to another creditor prior to BK filing and will remain that way until it drops off in 2009? Or, should I include it on my dispute with the three CRA's as the status is not reporting correctly (since they do not read IIB or IIB/CO)? I am not sure which reporting is correct since the original creditor sold/transferred the account prior to my filing of a CH 7 BK. Thanks, CAB in CA
It should report as "paid" in the status field or "charge-off/paid" insofar as the account was paid albeit by a third party. If the account was legitimately put on Discover's books as to profit or loss before you filed your petition, then it can carry the charge-off notation. The most important thing is that you remove any remaining balance, if any, and the "charge-off" language.
Thank you, apexcrsrv, for your reply. I would like to ask, would my next step be to contact the OC and ask them to provide proof that the account was sold and when, wait for their reply and then figure out what to do after that? Thank you again. CAB in CA
In theory, yes, but they don't have to provide you anything. The FACTA amendments to the FCRA state that they do however, if they don't there is no private cause of action so take that for what it's worth. Therefore, the first step is to dispute the tradeline through the credit reporting agencies.
