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Is notification of sold debt required?
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Posted by Michael
(64.222.35.96) on June 27, 2004 at 18:35:09:
A couple of years ago I helped my fiance pay off all of her debt. She settled an account with MBNA in May, 2001, without getting a 1099, that I didn't know about. In July, 2001 they sold her remaining $1,073.00 debt to a collection agency listed as NCO Group. She didn't know this transaction took place and has never been contacted by them. We just found out about it now after trying to get a mortgage. This is the only thing that is not older than one year and is keeping us from getting FHA approval. My question is, are there any laws that require her to be notified about things like this or is there any way we can get them to change the report if we pay it off? Any advice is very much appreciated. We both live in RI. Thanks.
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