Capital One Reporting on Charge Off Account

[MrLogan13]

A few years ago, unfortunately, I ran into some financial difficulties as the result of my becoming a disabled vet. I have a Capital One card that was charged off.

I checked my credit report the other night, and it shows that they last reported in November of 2007! Is this right? Are they able to do that? And since it's reported recently, how much will that affect my credit?

I've been on the long hard road, trying to repair my credit now that I'm doing much better. Anything I can do?

[myscoresawful]

how many years ago? Do you know about when you made the last payment? (important for establishing SOL)

How much is the balance?

Cap 1 is notorious for suing and in the very least, changing dates and balances on your CR to make it appear worse to your score.

You could dispute with them and ask for copies of all of your statements, but most likely, they WILL produce them. They keep EXCELLENT records.

Disputing with the CRAs is pretty useless too, since they ALWAYS verify.

I am not intentionally being a wet blanket here, but just want to point out a few obstacles you could be in for. While I wouldn't just up and send them money without first at least trying a few angles (like disputing with the CRAs and disputing with Crap 1 them self), I would be prepared for a long, drawn out battle.

Most often when a person wins against Crap 1, it is because of a legal angle (such as expired SOL) or an error of some kind.

Good luck though, and if you put "cap 1 or crap 1" in the search feature above, it will bring you a ton of information to start reading...you might find something that is close to your situation.

[MrLogan13]

how many years ago? Do you know about when you made the last payment? (important for establishing SOL)

How much is the balance?

Cap 1 is notorious for suing and in the very least, changing dates and balances on your CR to make it appear worse to your score.

You could dispute with them and ask for copies of all of your statements, but most likely, they WILL produce them. They keep EXCELLENT records.

Disputing with the CRAs is pretty useless too, since they ALWAYS verify.

I am not intentionally being a wet blanket here, but just want to point out a few obstacles you could be in for. While I wouldn't just up and send them money without first at least trying a few angles (like disputing with the CRAs and disputing with Crap 1 them self), I would be prepared for a long, drawn out battle.

Most often when a person wins against Crap 1, it is because of a legal angle (such as expired SOL) or an error of some kind.

Good luck though, and if you put "cap 1 or crap 1" in the search feature above, it will bring you a ton of information to start reading...you might find something that is close to your situation.

Thanks for the reply, that's very helpful. My last payment was just about two years ago.

[Rick9972]

My advice is to settle with them now. They love to hold a account until the last month before SOL is up and then file suit, all the time adding fees and interest.

My DW had a account with them and last month they supplied her origanal application, that was signed back in 1998.

Yes it is legal for them to poison your account each month by reporting Charge Off and updating the balance.

[Oldfrog]

Yup, they did the same thing to me. It's past SOL....so they are SOL when it comes to collecting. But in November 2007, they started reporting vast amts of info.

I think they cancelled their agreement with NCO....but who knows ? ( speculation)

They figure that they'll get some people to pay by constant reporting, maybe.

They are evil....but like yourself, I should have paid them long ago. ( If I really owed them)

I wouldnt be surprised if they monitored sites like this one, either.

[MrLogan13]

My advice is to settle with them now. They love to hold a account until the last month before SOL is up and then file suit, all the time adding fees and interest.

My DW had a account with them and last month they supplied her origanal application, that was signed back in 1998.

Yes it is legal for them to poison your account each month by reporting Charge Off and updating the balance.

Geez. Any advice on how to go about settling with them? Can I get them to call off their CA's, and deal directly with them?

[Oldfrog]

If it's out of the SOL time frame, you can send Cap one a letter, offering a settlement for say.....50 cents on the dollar.... for the ORIGINAL amount that was due at time of delinquency, for example....but ONLY in exchange for a signed letter from them, stating that they SHALL delete the account from your credit report as soon as they receive your money.

In fact, I'd offer 30 cents on the dollar at first....not 50. And they need to eat all the late fees and interest, too.

They CAN delete the account from your credit file if they want to....even though they may say that they cannot. There is no law, to my knowledge that forces them to report an account at all. So a deletion is possible.

You need it in WRITING, before you send them anything.

I doubt that Cap one will accept a Pay for Deletion letter...but it's worth a try.

Dont even mention the collection agency to them. If Cap one settles with you and they delete the tradeline, then the collection agency can easily be disputed off your CR, later....I'd be willing to bet.

[MrLogan13]

Yup, they did the same thing to me. It's past SOL....so they are SOL when it comes to collecting. But in November 2007, they started reporting vast amts of info.

I think they cancelled their agreement with NCO....but who knows ? ( speculation)

They figure that they'll get some people to pay by constant reporting, maybe.

They are evil....but like yourself, I should have paid them long ago. ( If I really owed them)

I wouldnt be surprised if they monitored sites like this one, either.

Thanks for all the replies. So my question is: If my charge off was about 2-3 years ago, but they update every couple of months, how much does that updating effect my FICO and ability to get credit?

[Ahntara]

Updating of defaulted accounts hits your score in the History category, which currently accounts for (up to) 35% of the total number. That's the largest segment of the credit scoring pie. So a recently reported derog, even if the default took place years ago, can cause a significant drop.

Both FICO and most lenders (through ignorance) will view this derog as recent. It's unverified theory that Crap One knows this and does it deliberately to 'poison' scores. It's one of the main reasons we loathe them.

Oh, and Crap One will not, can not, do a PFD. You can try the tactic, if you have time and money to waste on postage. But there is NO WAY a national creditor like them can PFD for a consumer. One can only imagine the barrage of class action lawsuits this would generate..."Your Honor, Crap One did a PFD for a man but not a woman, for a native but not an immigrant, for a farting dog but not a formerly paying customer...". You get the drift. They not only have a contractual agreement with the CRA's that expressly forbids PFD, but also established business policies and procedures that benefit from the existing system.

[andrena67]

i just paid a settlemt with them, bcz they will update your credit report every month with interest charges, and this is what will keep your score from going up.