On my credit report, I have a car repossession that is close to it's statue of limitations. I disputed the debt and the debt is currently showing, "closed, transferred to another lender" on my credit report with a zero balance. What does this mean?
2007-06-03 09:21:24 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
It means it was assigned (or sold) to a collection agency.
If the collection agency is, or starts, to report, the original creditor is reporting the balance correctly if they are showing a zero balance.
Repo's fall under the UCC for a 4 year collecting SOL that starts on the date the vehicle was sold that created the deficiency.
You might click on my profile and go to the last link I have listed, do some reading about repo's and repo SOL.
2007-06-03 09:29:36 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Sounds like the debt was bought by a collection agency.
2007-06-03 09:23:40 · answer #2 · answered by Anonymous · 1⤊ 0⤋
It means either....you transferred the balanced to a new card...thus the old account is closed...
OR
Your in collections...another agency bought the note
2007-06-03 09:29:11 · answer #3 · answered by Experimental876 4 · 0⤊ 0⤋
Since the beginning of the rights to divorce (yeah, rights, a horrible word for believers) it has been a temporary OR permanent expression of love and commitment. Unless you have been in coma since the middle ages that wouldn't be new to you. If you and other people mean different things with the same word is nothing new either. Take the word God..... When I ask a question about God I get lots of DIFFERENT answers even from followers of the same religion.
2016-05-20 03:39:49 · answer #4 · answered by stephine 3 · 0⤊ 0⤋
it means another financial agency has taken over the debt.
2007-06-03 09:25:25 · answer #5 · answered by Brownie-Girl 3 · 1⤊ 0⤋
Thankyou all for your answers and opinions!
2016-08-24 04:32:03 · answer #6 · answered by cara 4 · 0⤊ 0⤋