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Posted in Credit Cards
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Question By
tinhiv

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Credit Card sell offs ruining my credit
Hi,

I went through a divorce 4 years ago. As a result of not receiving child support and alimony, I was unable to pay several monthly credit card payments and am still unable to pay at this time. As a result, the credit card companies keep turning over the balances to new collection companies. Each time it turns over to a new company they report it to the credit agencies making my score continually go down. Is this legal

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Top Contributor
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Of course it is!!  The original credit card issuers couldn't get paid so they sold the cards to collection agencies who also weren't getting paid, so they sold them.  Each sale creates a new account which is going to be shown.  It is the non-payments that are driving your credit down.  Perhaps, if you had communicated with the credit card holders right away, they may have been able and willing to help you.  Sorry, but communication is a key in all things.

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