Cap One vs Midland?????

[knightlynews]

I have a charged off Cap One account that recently was sold to Midland. After discussing payoff options with Midland, I was told they aren't "reporting" to the credit bureaus that they have taken on my debt. I was told once I pay off  Midland, I have to call Cap One to see if they will remove their negative reports of the charge off. I called Cap One to verify this and was told that they have relinquished all rights to the account and refer back to Midland!!!  So I'm confused, if Midland isint reporting to the bureaus, should I even worry about the account? If I pay the account off with Midland, how can I get Cap One to remove it?  Please help!

[RobertEG]

Once a creditor has sold a debt, they are required to update the debt balance on their account to $0.

They are then through with credit reporting.  They dont know and dont have interest in the subsequent payment or non-opayment of the debt, and it has no impact on their reporting.  The procedure for then pursuing deletion of any of their reported derogs is to send them a good-will request.

After having charge-off and sold the debt, they are left with a net loss, which usually does not bode well for obtaining good-will.

Whether ot pay the debt is a separate matter.

You can always make a pay-for-not-reporiting offer to the debt collector if concerned that they still might choose to report their collection.

Nothing precludes them from doing so, including payment of the debt.

[knightlynews]

Thanks for your reply. So I could pay off Midland and they still can report it as a derog?