Cap One has not updated paid charge off to 0 balance!

[marshallmann]

 Capitol One has not updated to 0 balance on my paid charge off even though I have a letter from them that after payment they would update to 0 balance anyone have experience with why they take so long it is just short of 3 months.  

[DaBears]

It can take up to 90 days. I would call the CRA's and get there fax or mailing address send a copy of the letter in so they can update correctly

[toi34]

I was also told by Cap 1 that it could take 90 days, then I was told by another agent 2 1/2 months----RIDICULOUS. So instead I sent all three CRA's a certified letter which included the settlement letter along with a copy of the debited check from my account. FCRA rules say CRA's cannot report erroneous information inspite of Cap 1 dragging their feet. So go that route.

[DaBears]

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@toi34 wrote:

I was also told by Cap 1 that it could take 90 days, then I was told by another agent 2 1/2 months----RIDICULOUS. So instead I sent all three CRA's a certified letter which included the settlement letter along with a copy of the debited check from my account. FCRA rules say CRA's cannot report erroneous information inspite of Cap 1 dragging their feet. So go that route.

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The CRA's only report what is reported to them. They would not know if the account was paid or settled until they receive a UDF from the creditor. So as of right now they are not reporting erroneous information and it's Capital One that needs to update their TL. 

[toi34]

... that's why I sent the settlement letter and a copy of the processed check. I also sent this to Cap 1. So after 30 days if the balance is not showing $0, then they woud be in violation of FCRA and Cap 1 would be in violation too. 90 days is outrageous, and so by sending certified letters it effectively puts both the OC and the CRA's on notice.

I may be wrong, but this  has worked for me in the recent past.

[DaBears]

They would not be in violation, It can take up to 90 days for a TL to update. This applies to a CA as well.

[marshallmann]

Thats the information i was looking for, wanted to see who else had trouble with capitol one i have not contacted anyone about this yet but now i can start getting this corrected.  Is there a special department at thr CRA's to contact or will they transfer me?

[DaBears]

Just the CSR that picks up. TU requires docs to be mailed to them. Equifax and Experian they can give you a fax number. 

[toi34]

I just printed-out their dispute form online, filled-it out, and attached the settlement letter and a copy of the cleared check, mailed it certified.

I had success in May using this exact method....my credit reports were updated by the end of two weeks! 

[marshallmann]

Just to update because I hate it when people don't update their post  LOL.   I have been successful getting the balance reported as "0" on Equifax but Transunion and Experian wont change the reporting.  I sent all 3 the same information, settlement letter, cancelled check,  all the information a sane and reasonable person should need to see that the account should show a "0" balance but they wont show the balance reporting correctly. I don't need to have this reporting 0 as I don't need anything now, but it is a matter of right and wrong now.  I just have to look at this from another direction.   Any ideas?  I was thinking of sending Experian and Transunion the same information again, then proceeding towards a lawsuit against Capitol one.  Like I said its a matter of principle now because Cap One has not honored their agreement.