Capital One Charge Off Still showing Balance

[Anonymous]

I recently settled 2 Cap One charge offs and one has already updated to a $0 balance.  The other one they are giving me some BS about a 22 day monitoring peroid.  I have disputed twice and both times they put a balance of $141.  The agreement was settle for PIF but they won't update it to show PIF and keep leaving this balance.  Does anyone know what this 22 day monitoring peroid is?  The money was paid via debit card and cleared my bank weeks ago but they refuse to update and keep citing this 22 day monitoring peroid.  When I disputed the last time I included a letter that was sent to me from their CA Northland Group saying that the matter was resolved and it didn't seem to help at all.

[RobertEG]

The requirement under the FCRA is that a furnisher must "promptly" update their reporting with a CRA as necessary to maintain its currrent accuracy.

See FCRA 623(a)(2).

No period in days or weeks, etc, is specified.  It is thus a common sense interpretation of what is or is not considered prompt.

In my opinion, a furnisher who provides the update in their next regular reporting cycle (usually monthly) would be in compliance.

Requring immediate and special reporting is not mandated, so regular reporting would likely meet any reasonble definition of prompt.

That would usually be up to 40 or so days.

To set other criteria, such as they are apparently doing, would bring into play a reasonableness interpretation of whether that period is prompt.

I would not formally pursue a violation of FCRA  623(a)(2), such as by formal complaint to the CFPB, over a criterion that is less than a month delay.

Your call......

[RonM21]

Agree. I'd hold off on that for a bit. Just to make sure I'm understanding correctly OP, when you say settled, do you mean you actually paid the full balance, or did they agree to a certain amount for settlement?

I only ask because usually when it is settled, that means for a lessor amount than the full balance.

[Anonymous]

I settled for less than full amount with agreement to show PIF.

[Anonymous]

Seems like the settle for less might be a little more of a battle to show PIF. I too had 2 Cap 1 cards that i recently paid off but it was for the original amounts, no settlements. When i paid them off it took about 8 days to reflect $0 balances on the CB's but i got my letters right after that. I would at least inquire and see if there is any thing else prolonging the process.

[Anonymous]

They have said the only thing prolonging it showing a 0 balance is a 22 day monitoring peroid.  I have no choice but to take their word for it for now so I'll see if after this monitoring peroid whatever it might be for if the balance goes to 0.  I just don't understand what they are monitoring 22 days for on a charged off account.  Am I going to charge up more debt on a closed account...

[Anonymous]

This charge off is now being removed from my reports!