@rkinne02 wrote:I need some advice on how to proceed with 2 letters I received today. On my credit report, I have 2 cards charged off. Credit One Bank and Capital One. The Credit One showed it has been sold/transferred but I didnt see anything for Capital One. On my credit report I got on April 24, 2014:
Capital One- Balance: $1677
Charge off: Jan 2013
Scheduled to be removed: Apr 2019
Credit One- Balance: $963
Charge Off: Aug 2013
Scheduled to be removed: Doesnt show anything
Comments: Purchased by another lender This one is reporting in error there cannot be a balance remaining on the account if its been sold to someone else, the balance has to report at 0
I have 2 collections also, but neither one is for these. I received a letter for each of these today. First the Capital One.
ARS National Services, INC (Re: Capital One Bank)
Escondido, CA
We would like to recommend the following payment options to resolve your unpaid account. Please choose one of the following:
1. Enclose Balance in full
2. Settle account at 60% in six installments. 167.74/month for 6 months
3. Good Faith Payment w/ payment plan. Make 1 payment of 167.74 then monthly payments of $100 until paid.
Upon receipt of cleared funds, ARS and our client will consider this account paid in full or settled based on the option chosen.
Next was regarding Credit One.
Messerli & Kramer P.A. (Re: MSW Capital, LLC as successor in interest to Credit One Bank)
Plymouth, MN
Amount Due- $996.23
Your unpaid balance of $996.23 has been turned over to our office for collection. Please send your check payable to MSW Capital. If you cannot make full pyment, please call us to discuss alternate arrangements. If none are made, we will refer this to a law firm in your area.
Also, at the bottom gives me the notice on my rights about the 30 days to verify the validity.
I havent seen my report in 4 days as EIDT is down, but as of this Monday, neither was listed under collections. Just the original cards as charged off. I want to prevent either of these getting added to collections on my report. I can't do payment in full for either, so Im afraid that they will add it to my credit report no matter what.
I am 99% positive that if I send a debt validation, that it is valid as I recognize both companies as I seen inquiries on my report. Also, I believe I have heard from MSW in the past. Looking for suggestions on how to proceed to prevent these from being added to my credit report under collections.
Also, once these are paid, do they have the option to have the original charge off accounts removed? Or do I have to go through Capital One and Credit One for that?
Hope this all makes sense, but I am panicking trying to figure out what to do. Thanks so much!
If you know its yours I would just get on the phone and offer to make monthly payment arrangements for both in exchange for it not being reported. Dealing with these CAs will have no effect on the OCs TLs, you would have to deal with the OCs separately. If that Credit One has been updating monthly I would recommend a CRA dispute on its incorrect reporting, if its been dormant do a Sec 623 direct dispute with Credit One on it. Good luck 
@rkinne02 wrote:I think I might have said that wrong.... It hasnt been reported since Sep 2013 for the Credit One. It shows closed on Sep 2013. High Balance $963, and $0 monthly payment. Ok the current balance of the account has to be at 0, high balance can be there under its line.
Thanks for the response, I will try calling them and working out plans. So I just ask if they will not report this? Yes tell them you want to arrange monthly payments in exchange for not reporting to the CRAs. Do I need to get that in writing? You can ask for it but you may not get it, if they verbally commit to it and it shows up anyway you would file a BBB complaint against them for shoddy business practices.
A second unrelated question also, I have another debt I received a letter for. It is not on my report at all as of the last time I checked. I sent a letter for a payment arrangement and prevention of it being reported, that I havent received an answer for it. If I were to call them and settle the account, if I receive confirmation that the account is closed, can they report it to collections? If this is an OC you are paying there would be no need to send it to a CA if its paid. There is no law that says they have to respond to an offer of payment in exchange for not reporting letter. Oh below I see its been sent to a CA, ya they can report it as paid even if you settle I would just call them as well and arrange payments in exchange for it not reporting.
It was for an online class, that I never finished. The school turned it over to an agency. I was just wondering if they could report a collections even after I were to settle it? Thanks