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how should a sold charge off read


jdjlocksmith
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How should a sold charge off read?

I read in section 6-20 of THE CREDIT REPORTING RESOURCE GUIDE,

42. Question: How should accounts that have been sold to another lender be

reported?

Answer: Report the following Base and K2 Segment fields as specified:

• Account Status Code = 05 (Transferred account) or the appropriate code that

specifies the status of the account prior to the sale

• Payment Rating = if applicable to the Account Status Code being reported

• Special Comment = AH (Purchased by another lender)

• Current Balance and Amount Past Due = zero

• FCRA Compliance/Date of First Delinquency = if the account is delinquent at the

time of sale, report the date of the first delinquency

• Date Closed = date the account was sold to the other lender

• K2 Segment Portfolio Indicator = 2 and Sold To Name = name of company to

which the account was sold

Additionally, if the account is delinquent or derogatory, it is imperative that you

provide the date of the first delinquency that led to the account being sold to the

debt purchaser.

they say to zero out the balances, Dose this also mean the High balance?

can they still report a sold account as being 150 days?

can they still report (Equifax) $25 actual payment made?

what dose Equifax Actual payment mean?

can they report a KD-Key Derogatory (EX) in 24 month payment history?

so can the OC after selling the charge off still report high balance, credit limit, balance, pass due, payment history and actual payments on your reports? can they llgalling claim any account history if they sold the account?

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so can the OC after selling the charge off still report high balance, credit limit, balance, pass due, payment history and actual payments on your reports? can they llgalling claim any account history if they sold the account?
The short answer is yes. History is history, and its on the CRAs files already. An account that has been sold should say "sold to another lender" and the balance owed should be $0. You may have a legitimate beef if they report a recent $25 payment that you didn't make.
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