Trying to place all of this info into how I can use it for me. I have 9 positives and 9 negatives on my credit report. Most of the negatives are either chargeoffs to be removed by 2006, or they have been chargeoffs, either paid or satsified, which still remain on my credit report. For the ones that have been paid, I am disputing with CRA about being on credit report. For the ones that will remain until 2006, I have some questions. Most show a balance of $0.00, with a notation that it has been sold ot transferred by another lender. This still means the debt is mine, per se, and that the collection agency can sue me for the debt...correct? Do I dispute as not mine? I default with ABC company and XYZ collections buys the debt. I am sure that in the small print, I authorized a third party to collect, hence, this is mine? I am not a deadbeat, but I sure as heck do not want to pay $2000.00 for the orginal debt of $500.00. Orginal creditors refuse to talk to you. Waiting to see what will happen is not fun, as they seem to tag you, right before SOL is about up. Thanks
Legally, they can report the original debt as long as they say sold or transferred with $0 balance. I'd dispute both the original items and the collection agency items as not mine and at the same time, send validation to the collection agencies handling them.
whatever, I think the accounts that have been transferred are still allowed to be reported. During the time I was in school, my student loan servicer sold the account, but the original lender's name still appears. Has the CA attempted to settle or collect?
It has a zero balance because the debt was sold to someone else. He no longer owes the original creditor, hence the zero balance.
There's a good point and one that could be very easy to argue, wouldn't you all agree? I say "send the validation now!"
If you have an account with a $5000 balance and the creditor sells it to CA how much do you now owe on the account?
The same. $5000. Unless the CA decides to get cute and tack on some of their own fees. You may argue that the CA did not pay $5000 to acquire the account; but that's how they work, thats how they make their money. And that's why we send validation ltrs.
My argument is that what ever a CA pays the orignal crediter pays the original debt in full.Since the original creditor has been satisified there is no longer any debt for the CA to collect on.
Don't be dense. Do you think CAs are in the habit of paying lenders for overdue balances and expect nothing in return from the borrower? Lenders always have a clause that allows them to assign their rights to successors or other third parties.
