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Never send a credit account payment to Experian

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Credit Advice

Topics addressed on October 15, 2008:

Never send a credit account payment to Experian

Dear Max,

May I pay a debt directly to Experian if the original creditor is no longer in business? I am in the process of paying off debt that has been transferred to another company.

- AMA

Dear AMA,

Your payments should always go to the current owner of the debt. You should never send a payment to Experian. Experian is not a creditor and does not collect payments on behalf of creditors.

Experian acts as a repository for account payment histories. It collects and maintains information from your creditors about how you have paid your debts, and provides that information to your creditors in the form of a credit report that they use to help make lending decisions.

Your payment should be made to the company to which the debt was transferred. It now is the legal owner of the debt.

The original account entry in your credit report should show that it was closed or transferred. Because the company went out of business, the account might have been removed entirely.

However, the new account owner likely will report the account, which will then appear in your credit report as the open, active account.

Thanks for asking.

Credit Reporting

Improve your credit by understanding basic consumer credit information: what’s in a credit report, how to check it and how often you should review it.
Credit Scores

What are credit scores, and how are they calculated? Get the answers to your credit score questions.
Preventing Fraud

Learn the warning signs of credit fraud, and get the credit information you need to protect yourself. Are you already a victim? Experian can help.
Life Events and Credit

Find out how life events affect your credit and how to build good credit for the major purchases in your life.
Credit Advice

Ask Experian

Get credit information on the hottest topics from Experian’s team.
Preapproved Credit Offers

What’s in a credit report, how can you check it and how often should you review it? Make sure your credit information is accurate and check your Experian, Equifax and TransUnion reports side-by-side with Experian’s 3 Bureau Online Credit Report.
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