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What does it mean to have a loan (Transfer/Sold)

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Credits: 268.7
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I flunked out of one school back in 2007, I applied for a forbearance and was in a bad place mentally and didn't bother to check up on it. I started going back in 2009 but obviously too late. Now that I'm in a better place mentally, they've started sending me all these overdue bills that I can only assume means the loans are in default because it says Charged off account. I got my credit report and all of them make sense except for one much larger then anything I took out, but it still says its an open account, but its activity designator says Transfer/sold. I really have no idea what this means and could really use some help getting to understand all of this. I swear they make this stuff as confusing as possible.




enjoyurlifetothefullest
Posts: 67
Credits: 3301.6

Sub: #1 Welcome Young586, Please wait for a few minutes. Our forum exp
Tue, 11/08/2011 - 20:50

Welcome Young586,

Please wait for a few minutes. Our forum experts will give the correct answer shortly. This is just to acknowledge the post.




skydivr7673


Posts: 2044
Credits: 58013.665337004

Sub: #2 Hi, and welcome! OK, the fact that it says "transferred" means
Tue, 11/08/2011 - 22:26

Hi, and welcome!

OK, the fact that it says "transferred" means that the debt was charged off and/or sold. Someone else owns the debt now, it is no longer owned by the original creditor. Sometimes, you can contact the original creditor and find out who it was sold to, but often they do not keep any records once it is sold. If you are not certain that the debt is really yours, then I would definitely contact the creditor and ask them about it. They should be able to provide info for you about when the loan was originated, etc etc.




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