Capital One GW Success? I think! Too good to be true? PINCH ME NOW!

[Creditobsessed12]

I went on the live chat regarding my 3 Capital One accounts and here's a record of the chat.  I have several lates on all three and askd for GW adjustment. Can someone please enlighten me?  I have never heard of this?  It sounds like it's a success but I have never read about this on here.  It sounds too good to be true.  Sorry that I posted the entire convo below but it's just too good to be true for me!  LOL 

Welcome to our Capital One secure chat service! This chat will be monitored and recorded.

 Hi, this is Michael. Whom do I have the pleasure of chatting with today?

You

09:53 PM

Hi there Michael my name is Elizabeth ******** and I have been a loyal Capital One customer. I currently have 3 accounts with Capital One.

Michael

09:54 PM

Hello Elizabeth.

You

09:54 PM

I had some isues in the past with late payments. I was wondering if there was anyway that you would consider making a good will adjustment on my file.

Michael

09:54 PM

Okay.

You

09:54 PM

As I am getting ready to purchase my first home and show a few lates.

You

09:54 PM

My name is Elizabeth ********* Social is ********

You

09:55 PM

DOB is *********

Michael

09:56 PM

I will be right with you.

Michael

09:57 PM

Thank you for your Patience.

Michael

09:57 PM

I understand that you are concerned about that late fee. Let me review your account to see how I can assist you.

Michael

09:58 PM

Please verify the following information to access your account: name (exactly as it appears on your credit card), zip code, date of birth and last four digits of your Social Security Number.

You

09:58 PM

********

You

09:58 PM

*****

Michael

09:59 PM

Could you please provide me with the last 4-digits of your account number?

You

10:00 PM

one of them is ****

You

10:01 PM

The other is **** and ****

Michael

10:01 PM

Thank you for verifying that information. Bear with me for just a moment while I review the account.

You

10:03 PM

ok

Michael

10:03 PM

Thank you.

Michael

10:06 PM

Thank you for your Patience.

Michael

10:06 PM

Elizabeth, after reviewing your accounts, I see that all your accounts have a late fees in different months.

You

10:07 PM

I am referring to the information on my credit reports

You

10:07 PM

I have several lates unfortunately.

Michael

10:07 PM

If you wish, we will go ahead and file the Credit bureau disputes on all your accounts.
Please note that by submitting this request, we can not guarantee that any action will take place but we can make this request on your behalf.

Michael

10:07 PM

A letter regarding the credit bureau investigation will be sent by Capital One; allow 10 additional days for mail time.

Michael

10:07 PM

Allow 60 to 90 days to have this information updated with the credit reporting agencies.

Michael

10:08 PM

Would that be helpful to you?

You

10:08 PM

what information will the letter provide?

You

10:08 PM

I don't understand

You

10:09 PM

the lates will legitimate I'm just trying to see if you would make a good will adjustment due to my circumstances. I had a baby born premature that has been in and out the hospital with many complications.

You

10:09 PM

And I have not been able to keep with my accounts. But now thank God things are smoother.

You

10:09 PM

And I have in the process of fixing my credit back.

Michael

10:09 PM

We will send you a request to the Credit bureau's on behalf of you to remove them from your records.

You

10:10 PM

Ok

You

10:10 PM

that will work

Michael

10:10 PM

Thank you.

You

10:10 PM

are you able to send me a copy as well?

Michael

10:11 PM

I am sorry, we cannot send the request to you.
It is is automated request which goes to the Credit bureaus.

Michael

10:11 PM

A letter regarding the credit bureau investigation will be sent by Capital One; allow 10 additional days for mail time. 

Michael

10:11 PM

There is nothing to worry.

Michael

10:12 PM

And which bureau is the one that you disagree with?

Michael

10:12 PM

Please verify the Credit bureaus name?

You

10:13 PM

Experian

You

10:13 PM

Equifax and Transunion

You

10:13 PM

So you will ask that they remove the lates?

Michael

10:13 PM

Yes, that is correct.

You

10:14 PM

Ok that would be wonderful.

Michael

10:14 PM

One moment please.

Michael

10:17 PM

Thank you for your Patience.

Michael

10:18 PM

I have submitted your request with the above reasons for late payments to the credit bureaus for correction.

Michael

10:18 PM

Please note that by submitting this request, we can not guarantee that any action will take place but we can make this request on your behalf.

Michael

10:18 PM

A letter regarding the credit bureau investigation will be sent by Capital One; allow 10 additional days for mail time.

Michael

10:18 PM

Allow 60 to 90 days to have this information updated with the credit reporting agencies.

[Whitneyy]

WOW!

Way to go!

Good job! Keep this for your records!

[tufa4311]

I could be wrong but in my opinion nothing actually happened here - the only thing they are going to do is put in a dispute for you. The next step is that the CB's will get the dispute and will investigate it - they will request your payment history from the credit card company, the credit card company will provide proof you had late payments and the lates will remain on your report. 

The Agencies are NOT the ones that removes lates from your creit report; the Agencies are NOT the ones that makes the decision on if you indeed paid late. The agencies do one thing and one thing only with regard to your payemnt history - they document the payment history the credit cards provide to them, that's it. The only way to get a late removed from your credit report is for the credit card company to STOP REPORTING it to the agencies. The credit card company is the source of the data, the late payement, thus they are the only ones who can stop reporting that to the Agencies. 

This "dispute" that they put in for you was just a "customer service" action they do - they are not going to argue about it with you - you want a dispute? sure, we'll put in a dispute, then the agency will ask for proof you paid late, we'll show them the proof, and the late will remain on your report.

Make sense?

[Creditobsessed12]

This makes sense and this is what I thought but I asked will you ask them to remove the lates and he replied yes.  I'm a bit confused.  Why would they put in a dispute for me?  I have never heard of that.  I thought they would send a letter saying consider removing these lates and that's it.  I think most creditors are under the impression that information cannot be removed from the credit file and that it is up to the agency to remove it.  Anyone else get a different feel from this live chat?  I guess time will tell though. 

[tufa4311]

Creditors know that they are the ones reporting your credit history to the CB's - again, the CB's only list what the credit card company provides them. You say "consider removing these lates" - it's not the bureaus that removes anything at all, it's the creditor that reports that late to the bureaus that removes it. The creditor reports your status the the bureaus once a month -  each month they send a full history of your payments and each time those lates will be in it. If the creditor agrees to remove your late with a goodwill gesture then they will remove it from your history and then the next time they report your history to the bureaus the late will no longer be there and thus the bureaus will have no late to show on your report. Make sense? Remeber, it all starts with the creditor (the credit card company). One reason for the Bureau is to assist you by investigating your claims - if you put in a dispute, or if someone else put's in a dispute for you - as happened here, the bureau investigates it and just uses what the agencies reports to them. After that you can only file a complaint with the Consumer Financial Protection Bureau (and you can also have a letter attached to you credit report explaining your side of the story - anyone pulling your report will still see your lates but they'll also see you explanation letter - I don't think this is advisable unless there indeed was no late payment made)