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Help!! CC charge off and transfer


lapoolboy
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I had a small limit CC listed as charged off and transferred. It also says purchased by another lender. However, that other lender does not appear in my CR anywhere. It doesn't show anything for hi limit or balance owed or amount past due. Is this debt gone for good from my CR and I just need to dispute it with the CRAs to be deleted?

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The debt is not gone for good, and it can be listed on your report by the new 'owners'. However, they cannot change (re-age) any of the dates from the old account.

Do a search on "DOLA" and read up on it - it gets a little complicated sometimes for new members. Ask any questions you may have.

Dispute the old account with the CRA's. If they sold "all rights, records, ownership, etc.." to the new JDB, then they shouldn't be holding onto any records of your account, right?

Keep that in mind when they verify their information as "accurate".

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Also, have you received any letters from collection agencies trying to collect on this account? If you have, then (even if it's old) dig it out, and send them a DV so that you can try to prevent the trail before it hits your CR with the collection info as well.

Depending on when this account charged off, it is either within SOL for collecting or not. You didn't mention when the CC charged off. If it's out of SOL then it's a bit easier since you can tell this to the CA if they tried to collect on it, and I found my older CO's were easier to get off my report than new ones (again that's not always, but sometimes).

Since it was sold, they cannot (the OC) list it as having a balance since they have chalked it up as a loss and gotten their tax break on it and the money from the CA for selling it. However, that OC listing will stay on your CR for 7 years past the DOLA unless you can bump it off sooner by disputing.

Like DocDon said, look at the dates, as the CA's (who has it, do you know at all?) do try "re-aging" to keep that debt on your report far past the legal SOL.

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i basically understand the concept of making a CA validate the debt. But here is where it gets foggy to me. Do I have this right?? I entered in to a written, binding contract with the OC. They sold it to another company, unknown to me, and now they expect me to play by their rules?? is that fair? Don't the have to produce a signature from me stating I agreed to this?

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That's what they'll have you believe.

JDB's buy bad debts for pennies on the dollar and then come after you for the full amount plus interest by holding your credit hostage. Rules? That used to be called extorsion.

You're doing anything "official" yet. You're simply calling the CA to see who they sold the debt to and when. They won't tell you how much - there's another process for that...

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