Sold Debt - Accurate Reporting?

Discussion in 'Credit Talk' started by HelpMe101, Feb 21, 2017.

  1. HelpMe101

    HelpMe101 New Member

    Good afternoon, I am brand new to this forum and also new to trying to fix my credit. I have looked all over the internet and getting conflicting information. I have 2 questions if anyone can help I would greatly appreciate it. My landlord will be selling my rent home in few months and I am trying to fix credit to be able to purchase home.

    1. A company purchased an old debt of mine in 2015. The original debt was obtained in 2011, it shows as charged off - purchased by another lender. The new lender is reporting their information as "open - collection/charge off." Under TU (CreditKarma) it is showing past due account and under open collections. I opened dispute because I did not OPEN an account in 2015 with this lender however it come back as validated. The company sent me the original summary of details that I signed. I am not disputing that I owe the money (which I have not admitted to them yet) just that it appears I opened an account in 2015 and its an "open" account? How should I fix this?

    2. Almost the same situation as #1 however it is an old auto loan that was sold to another lender. The auto loan (ex-husband's but I co-signed) went delinquent on July 2011 and the loan was sold on July 2014 so they are reporting the "last payment" as July 2014. I again have disputed but EQ came back saying its valid? I called company directly and asked them to change the last payment so it does not stay on my credit for 7yrs6months from that date. They refused and said that it was a payment on account even though I did not make the payment and it will fall off 7yrs6mnths from last payment date? Is that accurate?

    As you can tell 2011 was a horrible year for me and I am trying to clean it all up. I did pay the auto loan since my ex-husband would not just because it's the right thing luckily though the lender who purchased debt does not report to credit bureaus. I guess that is why I am hoping that the auto loan falls off soon since the debt was actually taken care of. Any insight would be much appreciated I think I am in over my head dealing with these things.
  2. jam237

    jam237 Well-Known Member

    Open isn't the date that matters, it's the Date of First Delinquency. DoFD can illogically predate the Open Date.

    Fall off is from DoFD not payment date, so it should still fall off after the DoFD.

    So, you would want to check the DoFD from the original report and ensure that the DoFD is being reported correctly.
  3. HelpMe101

    HelpMe101 New Member

    Okay thank you for your response. According to Credit Karma (TU) it says that "no payment history has been reported by this creditor." Is that something that they have to report?

    Also, sorry just one last question... thank you for answer on open date question I will expect it to fall off as schedule but if I am applying for mortgage it would appear that I opened an account in 2015, right? Isn't that not ideal for me if the status is "open - collection/charge off?"

    I am sorry so many questions just really wanting to get credit corrected so I can get approved for mortgage. Thank you again for taking time to help me.
  4. jam237

    jam237 Well-Known Member

    No problem, it's how we learn.

    Payment History doesn't always get reported, and sometimes deleting it is the easiest way to fix problems with the tradeline.

    You can dispute that the payment history is incorrect, but would having the payment history there help you would be the question.

    A mortgage broker would do a more manual review, likely. They would likely understand the process.

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