ryoung6179 Posted April 3, 2011 Report Share Posted April 3, 2011 Hello all, In the process of tackling my frightful credit. One creditor is a local credit union which I have defaulted on for non-payment of 4k. I have not payed on this card since sept 09 and my credit report lists the debt as over 180 days Past due, But I recieved a account statement last month out of the blue that shows a balance of 0.00. when the time comes and they pursue collections on this, will this statement help me in my defense? The acct's# both match . thanks Link to comment Share on other sites More sharing options...
BV80 Posted April 3, 2011 Report Share Posted April 3, 2011 The only reason I can think of that the balance would be -0- on the statement would be because they charged off and sold the account. When they sell a debt, the OC reports a -0- balance on your credit report. Check your credit report to see if the account shows "sold/transferred". Link to comment Share on other sites More sharing options...
Guest usctrojanalum Posted April 3, 2011 Report Share Posted April 3, 2011 I'm with BV, I think they might have sold your account to a debt buyer and are now saying they have a zero balance. Link to comment Share on other sites More sharing options...
ryoung6179 Posted April 3, 2011 Author Report Share Posted April 3, 2011 Thanks, I will check my credit report. I have been told that credit unions rarely sell their acct's. I'll deal with whatever comes next. I will keep that statement just in case. Link to comment Share on other sites More sharing options...
ryoung6179 Posted April 3, 2011 Author Report Share Posted April 3, 2011 Checked credit report. what they did was closed my revolving cc acct. and opened a 48 month payment acct on which they are reporting as pays 60-90 days late ??? didn't know they were allowed to do that without my sig. and permission. any advice. thanks Link to comment Share on other sites More sharing options...
willingtocope Posted April 3, 2011 Report Share Posted April 3, 2011 You'll have to read the fine print of your agreement. Its likely they've got something hiding in there.... Link to comment Share on other sites More sharing options...
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