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My Bank of America Account Went to Creditors Interchange But They Can’t Find It. – Melissa

I had a credit card account with Bank of America, a couple of years ago my account was charged off and went to Creditors interchange and I have been making payments to them monthly. This month I received a notice from my bank that my payment had been returned stating that it the account had been closed. I called Creditors Interchange and was told that my account had been removed from thier services and I needed to contact Bank of America to see why it had been removed. It was my understanding that my debt had been sold to CI when I started paying them. Can they do this and what should I do. I have not gotten any correspondence from either company. The only correspondence I received is from my bank stating that my payment had been returned and my account would be credited for the amount of the payment

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2 Comments

  • Melissa,

    It does seem strange that a collector would give up a performing account. I don’t know the reason, of course,  and it may just be mistake, but I would guess that B of A took the account back from collections to correct an error or prevent an error. And yes, lenders can take accounts back and sometimes are forced by law to take them back.

    There have been a number of penalty actions against credit card companies for less than wonderful practices and the companies have been paying huge amounts in penalties and refunds. B of A may be cleaning up questionable accounts. Or it may be showing displeasure with the collection agency. In any event, it probably had nothing to do with you and you are just a pawn in some institutional situation.

    You may never hear another word about this account but you need to track your credit report to make sure it doesn’t suddenly show up as a default. You were meeting your obligation and you should suffer no harm from this action. If something does come back to bite you, file a complaint with the CFPB.

    Good Luck!

  • The payment to Creditors Exchange was it based on a settlement agrrement in writing or was it a payment tp keep CI of your back and cut the phone calls from them?  My guess is it was to keep them off your back.  If BofA sold your account they could not take your file back.

    You can contact BofA Recovery department and see what they can do or you can wait to see if the file is sent to to a new collection agency.

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