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IF account has been transferred sold, can they report High Balance amount?


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So when the original account has been sold or transferred from what I understand the original account my credit report suppose to report a $0 balance and $0 High balance correct? Or is it just the balance that suppose to be $0/

Right now I have a credit card from Continental that transferred and closed my account but they are reporting a HIGH BALANCE and the Credit Limit/Original amount on my CR

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