Should I be more worried about debts that have bee

Should I be more worried about debts that have been sold to other lenders or debts that have not been sold? Both are "charged off as bad debt" by the original credit card.

2 Answers

It's true that all charged off debts will have similar effect on your credit report. Debts that are being sold off to a collection agency may trigger fresh collection efforts from their side.


Any debt that has been charged off will have a negative effect on your credit report. Thus, you should take care of all the accounts irrespective of whether or not the debts has been sold off to a collection agency. You should contact the lenders/creditors and request them to withdraw the account from collections. Then you should negotiate with them so that you can get an affordable payment plan as per your financial situation and pay off the debts.


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