ny_dundee Posted August 22, 2005 Report Share Posted August 22, 2005 I've got a question. I have a debt w/ CHASE that they sold to PDI Management. CHASE is reporting the debt on my credit report but PDI is not. Does CHASE have the right to continue to report the debt even though they sold it to PDI? If not than I should be able to dispute the information and have it removed, correct? Also if PDI is not reporting the debt than is there a need for me to contact them in order to validate the debt?v/rNY Link to comment Share on other sites More sharing options...
willingtocope Posted August 22, 2005 Report Share Posted August 22, 2005 Chase should be reporting $0 balance, "charge off /sold to another lender". And, yep, they're allowed to report that way.Have you heard from PDI yet? If not, then the only reason to contact them would be to DV them...technically, they shouldn't report until the validate the debt. Link to comment Share on other sites More sharing options...
ny_dundee Posted August 22, 2005 Author Report Share Posted August 22, 2005 So what should I do? Try to work w/ CHASE or have PDI validat the debet? What is my course of action? Link to comment Share on other sites More sharing options...
willingtocope Posted August 23, 2005 Report Share Posted August 23, 2005 Well, how did you know that PDI bought the debt if they're not on your reports? Is the Chase TL marked "sold to another lender"? If PDI is just calling, then DV them. Never pay a CA who just calls. You need to make them prove they have the debt.If they can prove they bought it, then maybe you can settle for less than the full amount (because after all, they only paid pennies on the dollar for the right to hassle you). If they haven't actually bought the debt, the maybe a DV will chase them away. Link to comment Share on other sites More sharing options...
breathing_easier Posted August 23, 2005 Report Share Posted August 23, 2005 Chase should be reporting $0 balance, "charge off /sold to another lender". And, yep, they're allowed to report that way.Pursue having the Chase TL read as $0 balance "Account Sold/Transferred to Another Lender." They must report the last status of the account with them. The chargeoff came first, then the account was sold, so the "Account Sold/Transferred" is the last status. There has been some debate on this, but press for getting any "chargeoff" or "collection" notation deleted as it is heck on your FICO score. Link to comment Share on other sites More sharing options...
ny_dundee Posted August 23, 2005 Author Report Share Posted August 23, 2005 I found out about PDI from CHASE. I came into some money and contacted CHASE. They told me that the account had been sold to PDI. I haven't heard anything from a CA in more than a year and they are not reporting on my credit report. The only thing that is listed on my Equifax credit report is "Bad debt/collection". TransUnion "Charged off as bad debt". Experian is reporting nothing from CHASE. But nothing is listed under "Derogatory Public Records" or "Collections" on any of my reports (TU, EF, EXP) as of the 5th of AUG. I guess what I am worried about is DV PDI and then they begin to rport to the beaureus. My goal is to use my VA loan in the spring to buy a house. My credit isn't that bad, I was just able to get an unsecured loan. Link to comment Share on other sites More sharing options...
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