Can/Will an original creditor change an entry after selling debt

[Lee0312]

Good afternoon,

  I just have a question. I have a few small credit cards which had defaulted and then were charged off, primarily due to extended unemployment and a divorce following graduate school. I just started working and want to clean up these entries. I know the few credit card companies (Bank of America and Capitol One) have sold the debts to 3rd party collection companies and had them "charged-off". Although the orginal creditor no longer owns the debt and therefore really has no obligation to change anything, is there any advice or way to entice or get an original creditor to consider changing, deleting or anything? Any thoughts or opinions are appreciated.

 

Thanks.

 

[BV80]

@Lee0312

 

Although the orginal creditor no longer owns the debt and therefore really has no obligation to change anything, is there any advice or way to entice or get an original creditor to consider changing, deleting or anything?

 

 

No. 

 

Carefully review each OC's entry to make sure it's being reported accurately.   For instance, if the debt has been sold to a debt buyer, the OC should be reporting a -0- balance.   

 

As long as an entry is accurate, the only thing you can do is dispute it with the CRAs.  Perhaps the OC will never verify the entry, and the CRAs will delete it.

[willingtocope]

If the original creditor has indeed sold the debt, their entry on  your reports should say "sold to another lender" and their balance should be $0.  Anything else on their entry (lates, charge off, etc) is of no consequence.

[Lee0312]

Thank you both for your comments. Just a quick follow up. For instance, one of the Capitol One entries says Charged-off "CO" as of January 2014-November 2014. Shows a balance of $495. Does this mean this particular account is still held by the original creditor? The other shows the same entries for the other Captitol One account with a balance of $702. However, I have a collection notice from "ARS National Services" with regards to BOTH Captiol One accounts. So, is this an assign of Captiol One or has the debt been sold since it is listed as a charge-off "CO"? Thank you again.

[Rogue198]

Assign more than likely.

[BV80]

@Lee0312

 

or has the debt been sold since it is listed as a charge-off "CO"?

 

 

"Charge off" is not always an indicator that a debt has been sold.  Sometimes OCs just don't sell some accounts.

[Lee0312]

Thank you all once again. I will simply contact Capitol One and find out if they still hold possession of the account, if so I assume I can work out something with them since prior to these circumstances I had a very clean with no late payment for a few years. Thank you again.

[Rogue198]

You can call them to make sure they still own it, but in terms of resolution of the accounts, they will more than likely refer you to ARS.

[Lee0312]

Hi Rogue,

  Yes, I figured such. I am hoping if they do to be able to negotiate my credit rating however with the original lendor since I think they can make those changes if they see fit to do so. Thanks again.

[fisthardcheese]

ARS is just a collection agency that Cap One uses.  Cap One still owns your account at this point.  If/when they sell your debt, they will report it as a $0 balance and there should be a notation in the remarks section that says "sold/transfered".

[Lee0312]

So, it's possible if I call Capital One I can perhaps work out something to keep them from actually selling the account? If so, I assume I would have a better chance at asking them or negotiating a better credit rating or change status (or possibly delete) with them as the original creditor? Thank you once again for your valuable input, as well as the others once again.