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Is Cap One Rational? Need some advice.


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Maybe that's a silly question :D

State of residence: CA

I have a 6 year old account with Captial One listed on two of my credit reports. This account is past SOL (date of original delinquency is 6/99) and I tried sending them a Goodwill settlement letter to get the lines updated or removed. They did not respond to my first letter so I tried sending another with a higher offer.

Instead of responding to my letters they seem to have assigned the account to a collection agency. The CA sent me a letter saying that they would accept $ and send me a letter saying the account was paid.

I DV'd the collection agency and they sent to me as DV about 6 account statements from the point of delinquency forward.

Since that time Captial One has been making changes to the accounts listed with the credit reporting agencies. Most recently the "Date Opened" field of my Equifax Report has changed from 4/1998 to "N/A". another change they've made is to change the "Comments" field on the tradeline from:

"Charge off account , Account closed by credit grantor , Closed"



What the heck do I do with these people? They've not responded to 2 goodwill letters I've sent offering to settles for MORE than the amount listed currently. If you're wondering why I offered to settle for more it's because another change they've made to their tradeline is to reduce the amount charged-off from 981 to 480 (the original deliquent amount was about $192)

Can some one give me an idea of what Cap One's strategy is here and what I might be able to do to get this tradeline removed or updated?

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Well, first of all realize that an SOL account is still collectible...if you're willing to pay. All the SOL means is should they choose to sue you for it, you have an absolute defense (if you remember to use it).

So basically by writing to Crap 1, you've led them to beleive you've got money to pay them. Since they've probably already charged it off against profit and loss on their income tax, it takes a little more paperwork for them to take your money...so, they given it to a CA who may or may not actually have the power to do anything about Crap 1's entry on your credit reports. Chances are Crap 1 isn't real interested in this money...it would probably cost them more to take it than its worth...but, that doesn't mean they won't try to punish you by making you deal with a CA.

So, I'd suggest you send the CA a cease and desist letter pointing that even if this is your debt its beyond the SOL and to leave you alone. Its probably due to fall off your CRs in a year or so anyway...

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