Legal Question in Credit and Debt Law in California

CHASE is reporting a chargeoff on my credit report. I disputed with the agency and came back as "verified" and updated to "account sold". I called CHASE who said they sold it and have no information to give me other than the company they sold it to who said they can't help me because they are not reporting it.

Isn't CHASE legally required to validate an account they are reporting on?


Asked on 8/24/11, 7:47 pm

2 Answers from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

What's missing from this question: Did you pay them? What was the basis for your dispute? What do you mean by "legally required to validate an account they are reporting on"?

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Answered on 8/24/11, 7:50 pm

If they sold it for less than the full amount owed, it is a charge-off of anything they lost on selling the delinquent account. So it sounds like the report is completely valid.

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Answered on 8/24/11, 10:49 pm


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