Do all accounts go 180 before sold?

[harleyreb]

Do all OC wait 180 days before selling an account off? How do I know if they have sold it? Is that on my CR?

[willingtocope]

There is no set time period for when an OC will sell an account. Some do it even with good accounts (HSBC juwt recently sold my car loan to Santala(?)). Some do it at 60 days past due...some will hang on to it for years.

And, whether or not they do sell it has nothing to do with laws or even you personally. Its always a business decesion...and maybe not even based on sound business practice.

[harleyreb]

WTC - Will that info (them selling) be on my CR?

[chrsstms]

When sold, it will likely be noted as a Write-Off by the OC. They are not usually sold until about 2 years of uncollectability, but they are always Charged Off 180 days after default. I have seen reports that some banks are selling their bad debt off sooner than 2 years, but 2 years seems to be the general practice.

[willingtocope]

When sold, it will likely be noted as a Write-Off by the OC. They are not usually sold until about 2 years of uncollectability, but they are always Charged Off 180 days after default. I have seen reports that some banks are selling their bad debt off sooner than 2 years, but 2 years seems to be the general practice.

When an account is sold, your CRs are supposed to marked "sold to another lender" and the OC's TL balance set to $0.

Not all CC accounts are charged off at 180 days. There are no laws governing this. (There are some FDIC guidelines that tell banks to "write off" bad debts within 180 days, but this is not a law and we have no evidence that it applies to the CC issuing subsidiaries of FDIC insured banks. Since many CC companies don't CO until they need a taxable income adjustment to their books, I assume the rule doesn't apply).