transferred-purchased by another lender

Submitted by clevecotton on Sun, 06/07/2009 - 16:15

I have a question I was looking at my credit report and I had an old account with capital one, on the report it says date opened 1/02 reported since2/02 date of status 4/09 and creditors statement I guess was purchased by another lender. Should I pay this or will it fall off my report the actual balance on the card was for $350.00 now they have added $1773 in interest.Thanks for any advice.

You can dispuite the debt with the credit agencies since the debt has been sold. This will at least show that account with the original as a $0 balance, then you only have to worry about the collection company.

Mon, 06/08/2009 - 03:42 Permalink

Hi clevecotton,

I think you should check the Statute of Limitation (SOL) of your state. If the SOL period has expired, then the creditor cannot sue you for this debt. To remove the debt from your credit report you should send a "Dispute Letter" to the credit bureaus. You can attach a copy of your credit report, encircling the item you are disputing. Send your "Dispute Letter" via certified mail with a return receipt requested.

If the debt is within the SOL period, the creditor can bring judgment and sue you for not paying. The best way to avoid judgment is to pay off the debt. You can request your creditor to reduce the amount, if you cannot afford to pay down the debt. You should send your creditor a "Pay for Deletion" letter, before making any payment. This letter will ensure that your creditor reports to the credit bureaus, to remove the debt accounts from your credit report.

Mon, 06/08/2009 - 07:51 Permalink
TDN (not verified)

Is there any way I can find out how much my creditor sold my debt for?

Is there any laws gov. these type of transactions?

Do I have any rights to know how this transactions took place.

These debt collectors are capitalizing on my misfortune.

In the longrun. both the credit card companies loose and I loose, with the debt collectors gaining big.



Thu, 12/23/2010 - 00:18 Permalink
matzcrorkz (not verified)

zSLbGR Major thankies for the article.Thanks Again. Will read on...

Tue, 08/05/2014 - 13:28 Permalink