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Messy capital one situation...


betam4x
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Hi everyone, capital one is currently reporting my credit info as "Charged off", but they are still trying to collect on the debt. I am currently PAYING them $250/mo. Wouldn't that mean the status wasn't "charged off"? Wouldn't the fact that they (actually, northland group, a collector working closely with cap1) agreed to these payments?

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The account is still charged off, once you fullfill the agreement they should update the account to an appropriate status.

What are the terms of your payment agreement?

Is this to PIF or is it a settlement amount?

Are your payments being made to NCO or Cap One directly?

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It's a PIF. Originally I wanted to settle, but i figured PIF would look better. I've been making regular payments on the account since november of 2007. All payments are handled through Northland Group, but checks are made out to Capital One Bank. Capital one will not let me deal with them directly. Cap1 is very frustrating to deal with!!!

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"...reages your DOLA..."

It does, because PIF is "activity", along with lots of other actions.

"...keepin the negative TL on your CR even longer..."

DOLA doesn't impact Reporting Period. RP starts with the first delinquency immediately prior to default (charge off, collection or similar action). On this board we call that month/year the DOFD. Nothing can legally change DOFD. So paying off a CO or collection doesn't extend RP. You can read the details, and proof, of this by checking the FCRA 1681c, subsection 605. There is a sticky at the top of the page.

You can expect the DOLA and 'date last reported' (along with possibly 'status date') to get updated. These things sometimes cause a drop in scores because they make the TL appear recent to scoring software.

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I would suggest that you contact Northland Group and ask for deletion upon payment of the account. That way they take it off of the credit report. Still if you can't get it off paid looks better then unpaid or settled for less then full balance.

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Ah but it doesn't work that way. Capital one owns the TLs listed on my CL, not NG. Northland Group does not control it in any way/shape/form. They tell me they are only assigned to collect the debt and all other inquiries have to be directed at Cap1. Capital One won't TOUCH the account.

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"...would my scores be lower..."

No one can answer this. Scoring programs are proprietary and a tightly held secret. We know that a recent 'date last reported' along with anything else that indicates derogatory status in the TL causes significant deductions. This principle applies whether the account is PIF, settled or still owing.

The tickle is...if Crap One is already updating the TL, then you are already receiving max deductions. My experience is that they continue to do so even after PIF. There are others, Amerikaner to mention one, who have had a different experience. You're kinda taking a chance either way.

Also keep in mind that scores are calculated by assessing everything in your report, not just one TL.

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