Credit debt "written off, and sold to lender, then paid, do i owe anything?
I had a credit card and then it was sold to a collection agency. i ended up paying then in full. months later i checked my credit score and it said that the money was still owed in the credit card, and they had the same card on twice so it showed i owed double. it also states that i paid the collection agency the same amount owed. so i disputed the report. i got an update and i do not understand
what it mean. it says that i was "written off" the amount owed on one of the credit cards and the other " written off" o. it also says it was sold to a lender. then the lender now says originally "the name if my credit card". so what does it mean. will that credit card ever say "paid" and if not can i the people who check my credit link the two? do i still owe money? sorry for the long message. thank you in advance.
Answer
There is no statue of limitations on outstanding debt. if a creditor re-updates at least once e 2 years it can remain for many years. i would dispute it again to all 3 bureau and in the letter you send be sure to put the above information in it. collection agencies often purchase "bad debt" for pennies on the dollar and then try to collect the whole amount. it sounds like in your case the original creditor failed to report it paid prior to selling receivable to the agency. send supporting documents to the credit bureaus with your dispute. not properly maintaining the information being reported to the bureaus is prohibited under the fcra.