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not sure waht to do


mzsyd
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I have a chargeoff account from household. I have not yet paid the account off, it has now since been sold to LVNV. On my CR HSBC reports:

Trans: Paid after chargeoff/sold

the other two says: collection/sold

How should I deal with this? LVNV is also reporting on my CR as a collection acct.

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I have a chargeoff account from household. I have not yet paid the account off, it has now since been sold to LVNV. On my CR HSBC reports:

Trans: Paid after chargeoff/sold

the other two says: collection/sold

How should I deal with this? LVNV is also reporting on my CR as a collection acct.

I'm not sure what you are trying to do? Perhaps this will help:

One other point, a charge-off of a debt is just an accounting term. The creditor can continue to try to collect or sell the debt to a collection agency which can try to get you to pay. Your obligation does not end even when an unpaid debt falls off your credit report; collection action can continue. It appears that Household sold the account to LVNV. Even though Household charged off the account, it wasn't charged off from LVNV who has the right to place it on your credit report as a collection.:slingshot:

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Your obligation does not end even when an unpaid debt falls off your credit report; collection action can continue.
mzsyd: However, if a tradeline has fallen off after seven years that usually means it has passed its SOL as well (see the 'Statute of Limitations' link at the top of this page for the SOL for your state -- and btw, it is always helpful to post your state of residence as part of your profile so that it appears at the top of each of your posts -- easier to answer questions when we know your state). Except for California and Wisconsin, passing the SOL doesn't mean that the OC or CA can't sue you, but you have a great defense.

You say you haven't paid the account, but Household is reporting it as "Paid After Chargeoff/Sold" on one of your reports. While for FICO purposes a "Paid After Chargeoff" does nothing more for you than never having paid the account at all, if a potential lender is doing a manual review of your reports then this could be beneficial. An example would be a mortgage lender who requires that all collections be paid before approving you for a mortgage. Other than that, though, Household is within its rights to report as it is because it was a collection account and it was charged off. Do make sure that Household is reporting a $0 balance as being owed within its tradelines. Keep in mind that even though they must report the current balance as $0, they can report the amount that was written off. LVNV is within its rights to report a separate tradeline, but just make sure that they haven't reaged the tradeline by reporting the open date for the account or the Date of Last Activity (DOLA) as being more recent than they actually were. CAs are notorious for this.

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