How to get rid og Capital One Charge off

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Hi all.

A couple of months ago when I came to this site for first time I had 9 bad accounts in all three reports, thanks to the very good info that I found here and a little extra research I managed to get 8 acounts deleted, now only a charge off remains.

It is a Capital one credit card out of SOL one year ago, I tried the validation strategy and they responded with a copy of my original aplication, last three statements an a copy of the user agreement, after that they started calling asking for at least a small payment to show my "good will" before we can negociate an agreement so now I know that they are trying to re-start the SOL so they can sue me, it is not going to work of course.

I can't make a pay for deletion offer because I know what is gonna happen, they'll respond with a lawsuit since such an offer would be a reaffirmation of the debt and it will reset the SOL.

In the other hand I am not going to pay $4,000 over a $700 credit limit card defaulted 4 years ago

I tried complaints to the BBB, Comptroler of the currency and FTC, no luck, last month finally I got the account deleted and blocked in Equifax by sending a letter listing all the Cap1's questionable reporting practices and all the disputes sent to the CRA over the last 2 months over the account (About 12), I sent them also copies of everything, complaints, letters to Cap1 and told them that we can keep doing that until I file suit, somehow worked Equifax deleted it an blocked but Experian an Transunion even though I sent them the same letter they didn't do a thing so now I have a EQx score of almost 800 and about 630 in the other two.

Anyone have any idea of what could be my next step to fix this?

Any imput will be greatly appreciated, thanks.

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First thing I would do, if you haven't already, is to discuss the SOL question with an attorney...what will or won't "reset" the SOL varies from state to state but at least in most states, simply offering to settle a debt does not reset the clock...plus, you can offer to settle a debt without necessairly agreeing that the debt is "valid" or even your legal obligation.

Once you know for sure, then perhaps you can make a reasonable offer to settle the debt and get it removed from your reports.

If that doesn't work, since it certainly sounds as if Capital One can substantiate their reporting, I would not expect this to be removed from your CR before the reporting period runs out.

Not every "black mark" can be removed from our CRs before the reporting period has run but in any case, one charge-off on your bureau is not going to have that big of an impact on your scores if that's what you are worried about; especially if everythign else on your CR is in good standing.

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You are stuck waiting untilt he 7 yrs is up. Ive never heard of Cap1 removing a TL, even if you agreed to pay it off in full, with thier insane gorilla numbers.

The live to poison your credit report, seems to be a corporate charter to damage as many consumer's credit ratings as possible.... as they live in the sub-prime lending world, the more disadvantaged you are, the more likely they can screw you harder.

The only leverage from here is to analyze thier reporting with a magnifying glass. Make sure they are 100% accurate and truthful. Anything that is not 100% correct, gives you a chance to use the FCRA to try and fight with.

It's not easy, alot of hurdles to go through under the FCRA/FACTA rules to setup and engage your private right of action, so you can sue. But Cap1 has these "needs" to play such hardball that they'll do things like reporting the "charge off" as if it JUST HAPPENED, rather than happened 4+ years earlier.

If there are incorrect items of information, you may need to start up a small claims suit for "defamation" (leave off the FCRA stuff) that gives you the predicate for obtaining a subpoena, so you can get access to ALL communications of Cap1 to the CRA's. The CRA's usually wont release this without a subpoena signed by a district court judge.

But if thier communications codes prove they are reporting a new charge off every month, you might have the ability to sue for FCRA violations. But it'll take alot of research and investigation on your part to get all the ducks in a row to be able to do that.

I don't see any other avenue for you to get them off your back before the 7 yrs reporting period has expired.

Cap1 does like to do the max damage to your credit rating possible, that's why they'd be reporting "chargeoff" with whatever code meant it just happened... EVERY month, and why after 4+ yrs that one TL hits your FICO for 200+ points.

I had them reporting to EX and EQ for the 7 yrs, not TU. At the end of the 7 yrs, they got bumped off, and suddenly started reporting to TU... with a DOFD of 11/2000 instead of 2/2000... literally DARING me to sue them for re-aging. My TU went from 812 to 582!!!

It has hence fallen off, and is back to 820, but how could a 7 yr old TL charge off hit your score for 200+ points unless they were reporting it as a FRESH chargeoff? But without access to the actual computer reporting codes sent, you can't really know what they are reporting, precisely.

They also had been leaving off the credit limit in reporting, to make the FICO calculation use your high balance, so you'd have a higher... potentially 100% ultilization factor for the account, and damage your credit score further. Serious scumbags. Someday when we have a government again, this stuff will get investigated and put a stop to.

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Yup, i had talk to my attorney about the SOL and a written ofert to pay even if is not for the full amount could be enought to reset it, I live in Louisiana and there is some contradictories state case law about this point, I rather play safe.

That monthly charge off they do is one of the reasons why I was able to kick them out of Equifax, also reported the account without date closed and last actvity so whatever balance they report counts agains my debt/credit ratio in my open acounts.

The last one was the deletion of the mandatory remark "Consumer diputes account info" even when was disputes pending with the CRAs and complaints with the BBB and COC. FICO algorithsm skips any acount with that comment so when they deleted it the scores droped from 750 to 630 again.

Right now I had a security freeze placed in TU and EXP and I keep EQ locked using the "Credit Control" they sell in the website until I need it,

A few weeks ago I went to buy a new car and only had to ask the dealer to let me use a computer to unlock the Eq report, 5 minutes latter he was able to pull it. I jus told him... "If you want to sell this car today you pull only Equifax" The banks usually follow pulling in the same bureau when the dealer start shopping for a good rate, I had no problems, 5.75 APR 60 months, six inquiries that I got deleted after I dispute them in two weeks.

So unless somebody can give me a better idea I think that I just gonna give it a break for a couple of months and then star with the complaints and disputes again... See what happend

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I will agree with uwackme....You will just have to wait until the 7yrs are up unless you happen to get lucky. Cap 1 is terrible. I have been dealing with them for some time now and I have two that will drop off later this year. I can't wait.

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Well, they are aleady gone from Equifax, if I keep agravating them in the other two bureus, hopefully.....

Maybe a little lawsuit in order to get their attention

I'll keep this tread updated

Thanks all for yor replys.

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