Chain of title is the documentary path from original creditor to current owner. In secondary market trades, incomplete chains create legal uncertainty and operational delays.
What “good” looks like
A continuous sequence of bills of sale / assignments matching account populations, with enough specificity to show what transferred and when.
Common failure modes
- Missing intermediate assignments
- Schedule mismatches vs data tape
- Entity name inconsistencies
- Partial pool transfers without clear exhibits
Seller tip
Resolve title before marketing. Buyers will discover gaps in diligence; fixing them mid-process weakens leverage.