Capital One Chargeoff Settlement Still On File

[Anonymous]

Aloha from Hawaii guys! Recently found this forum, and it has been a TREMENDOUS help! About 6 years ago, I had a charged off Cpaital One account that went into collections, and then got served with a court order. Went to court in 2011 and settled with their attorneys. The thing I didnt know was that Capital One was still reporting that account as charged off, and there was a remaining balance.

I only came to find out about this while applying for a small personal lona recently. I called Capital Ones dispute department and was told that I can pay to have the balance zero'd out. I told them I would call back. Just called this morning, and realized that I indeed settled and paid 4 years ago, and that the balance should have cleared out. The representative I spoke with this morning was very professional, and stated that she would send my file to the proper department to get it updated.

My question is, since they failed to update for the past 4 years, is there anything I can do in order to just delete the tradeline off my reports? They are set to fall off next December. Thank you in advance!

[RobertEG]

It is not a violation per se of the FCRA to have reported inaccurate information to a CRA.

It is only a violation to report information with knowledge at time of reporting that it is inaccurate.  FCRA 623(a)(1).

A furnsiher is required, after reporting of information to a CRA, to promptly update that reporting so as to maintain its current accuracy.  FCRA 623(a)(2).

However, there is no provision of the FCRA that mandates deletion of all account reporting as a penalty for not promptly updating prior reporting.

The FCRA provides a dispute process for showing inaccuracies, and compelling correction if the furnsiher concurs with the inaccuracy.

Disputes only relate to the correction of deletion of the asserted inaccurate information, not other information that remains accurate.

There is no basis for compelling deletion of otherwise accurate information based on a showing of some inaccuracy in prior reporting.