I checked my EX report and noticed that one of my charge offs had a statement of "Purchased by another lender". So I called the creditor to see who is the 'lender' and also checked everything via the automated system ie last payment, balance, etc. It said that the balance was 0 and the last payment was $12 in November. I made no $12 payment in November. THIS MUST BE THE PRICE THE 'LENDER' PAID TO PURCHASE THE DEBT! OH MY GOODNESS! TALK ABOUT PENNIES ON THE DOLLAR! I am going to call customer service about this $12 "payment" and see what they say. If they will sell the debt for $12, wont they sell it to me for $13.50?
Interesting. They already sold it so now you have a new creditor to deal with. Before that happens, it is often possible to negotiate a removal of credit reporting negs in exchange for partial payment.
How much did they charge off? I am just curious, since I heard these secondary buyers don't pay more than 4 cents on the dollar. Sini
