can someone explain about this in credit report

[mike2006]

hi,

i just pulled mine credit report, 2 cards are inside the "collection accounts" section so does it mean the cc banks have sold the debt to a third party collection agency?


thanks

mike

[GoingDown]

hi,

i just pulled mine credit report, 2 cards are inside the "collection accounts" section so does it mean the cc banks have sold the debt to a third party collection agency?


thanks

mike

Or the original creditor may be using a third party collection agency to try to collect the debt. If they sold it to a junk debt buyer, the junk debt buyer would try to send you a written notice informing you of that fact because they would want to you to pay them directly rather than paying the original creditor.

Either way, I wouldn't talk to them on the phone if I was you. If they are calling you on the phone, send them a letter disputing the validity of the debt and demand that they cease and desist from any communication with you by telephone. Send it by certified mail, and in most cases, if they are following the Fair Debt Collection Practices Act, they will stop calling you.

[Spartan]

Look under the entries by the original creditors. It will say if the account has been charged off and sold to a third party.

[mike2006]

the whole line showed this : account closed by credit grantor ....status "collection" xp/tu/ef

derogatory summary:
collections=2 <---it is sold to third party agencies?
charge off=0
public records=0 <---what this mean? thanks

[SinkingFast]

the whole line showed this : account closed by credit grantor ....status "collection" xp/tu/ef

derogatory summary:
collections=2 <---it is sold to third party agencies?
charge off=0
public records=0 <---what this mean? thanks

The acct was closed by the CC company or originating Lender. You did not close the acct yourself.

The acct is in collections.

xp/tu/ef is short hand for the reporting source. Experian/TransUnion/Equifax.

The acct has not been charged off by the Credit Grantor at this point.

Public Records means Judgements, Liens, BK. Filings that would be of public record at the Court House.

Collections = 2,........... Not sure there. Hopefully someone else will chime in for you there.

[Spartan]

Collection =2

That means there are 2 accounts that have been placed under collection.