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Help! Cap One is reporting CO late every month!


justagirlinnc
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Cap One charged off $1107 (on a $200 credit card) sometime in 2001. It is due to drop off my reports in 5/08. It has never been sent to collections and is out of the SOL.

When I pulled myFico today, Cap One is showing as a recent late payment. They have reported late payments every month on the charge off.

Since they are the original creditor, I can't DV.

Should I PFD?

This account is killing my score.

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They are reporting the CO, fine.

But on myFICO, they have reported April 2007 as a late payment. On the myFICO payment history they have listed 3 or 4 months of every year as an OK payment history and then the other months as missed/late payment.

WTF?

This gave me a "recent missed payment" on myFICO.

I can pay them completely. Will they PFD if I pay in full?

Has anyone gotten a PFD from them?

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I can pay them completely. Will they PFD if I pay in full?

Has anyone gotten a PFD from them?

NOPE! They will not work any PFD. If it's that old, I would't pay them a damn thing and if you do, do a settlement for less than full balance. After you get a settlement they will stop reporting late every month.

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Dispute with the CRAs. When the OC verifies, send them a letter asking them to investigate pursant to the FCRA.

Investigate what? Crap1 is not breaking any laws, they are reporting TL legally, best thing to do as suggested before leave it alone and let it fall off.

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Investigate what? Crap1 is not breaking any laws, they are reporting TL legally, best thing to do as suggested before leave it alone and let it fall off.

It is listed as a closed account at the CRA's, with the CO sometime in 2001. How can I have a "missed payment" in April on a closed account?

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Crap 1 has a duty to ACCURATELY report a tradeline. If, as many on here have stated, a charge off is merely an accounting or tax term, then Crap 1 is not accurately reporting this tradeline.

While Crap 1 does do this, I've yet to see any legal precedent indicating that doing so is in fact legal.

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yep, co is only an accounting term. The account may be closed, but until you make you last payment they can continue to report late payments. It would be the same as if for any reason they decided to close your account stopping your ability to make charges against the account... you will still have to make payments and if you didn't make payments you will get "lates". Welcome to Crap1 hell.

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There is a problem with the way creditors report to Experian or the way Experian interprets/encodes those reports.

In any case, a simple letter to Experian asking something like: "please delete all late payments after charge-off on account number XXXXXXX" will take care of the problem.

This issue is not exclusive to Cap One. A lot of CAs report late payments when you have never made a single payment to them. But again, this only happens on Experian. As long as they report a balance every month, Experian checks to see if there was a payment, absent of which it assumes a late payment.

I particularly dislike Cap One's intentional non-reporting of credit limit. They shouldn't be able to report incomplete info and get away with it!

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Crap One reports monthly on all accounts. This is true whether the account is CO'ed or PIF. I personally believe they do this to poison credit scores. They are a national creditor and cannot do PFD's. That would set a precedent and subject them to a class action suit.

There is no benefit in paying them after default.

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To pay or not to pay...

unfortunately it is a dilemna those of us attempting to repair our credit face on a monthly basis. I have CRAP 1 reporting on my CR and adding interest every single month. Watching a TL go from $500 to well over 1k in INT and FEES and continually being reported as "currently past due" is no fun.

I am waiting for verfication process to take its course and afterwards I will offer a settlement with an NDA. If they dont take the NDA, I will dispute every month until I get it off.

I would much rather be fighting them w/o a potential lawsuit hanging over my head

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