credit report definition
credit report definition
I have a credit card debt that was charged off. The reports list it as a “Data Factoring:” account. What is it
What is the legal definition of a data factoring account? I really need an online reference also. Thanks!
If your credit card was charged off and later sold a Junk Debt Buyer (JDB) it is not a “factoring account”.
A factoring account is an account that was not in default when it was sold. A good example of a factoring account is a mortgage loan that was sold to investor from another.
It is against the law for JDBs to list a charged off account as a factoring account, but they do it anyway.
