Pop Quiz re: Sold Accounts

Discussion in 'Credit Talk' started by Linda, Apr 25, 2001.

  1. Linda

    Linda Well-Known Member

    An original creditor sells your defaulted/charged off account to a collection agency. Which of the following statement(s) are true?

    1) They can no longer report it because they don't own it.

    2) They can continue to report it but they must report a zero balance.

    3) They can continue to report it and still show a balance due.

    Common sense tells me they can't sell it and still claim I owe them anything. But, I just had a credit bureau verify one of my accounts with updated info to include a creditor's note that it was sold and it still shows a balance.

    Also, some people on this board claim that if someone sells an account they can no longer report it to the credit bureau, meaning it should be deleted? I can't find anything, other than heresay, that backs that up as being true.


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