Capital One Sold Debt - Now What?

[JayNYOne]

Capital One sold my debt - it was $292.  They are reporting it as sold, but the debt buyer does not show up on any of my reports.  My goals at this point are to PFD everything on my report to try and clean it up as quickly as possible.  Do I bother with this one since they are not even reporting?  My thought process is that even if I pay the agency, Capital One is not going to make any changes since they are technically reporting correctly.

Thoughts?

[gdale6]

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@JayNYOne wrote:

Capital One sold my debt - it was $292.  They are reporting it as sold, but the debt buyer does not show up on any of my reports.  My goals at this point are to PFD everything on my report to try and clean it up as quickly as possible.  Do I bother with this one since they are not even reporting?  My thought process is that even if I pay the agency, Capital One is not going to make any changes since they are technically reporting correctly.

Thoughts?

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I would be contacting the new owner to settle right away in lieu of not reporting it to your CRs.

[JayNYOne]

What, if anything, can I do about the OC reporting once it's been settled/resolved with the agency or debt buyer?  Anything?

[TJW815]

Following...

I have some accounts that were sold but the collection agency is reporting so I giess I would need to PFD for the Collections but im also wondering what can be done about the original creditors.

[gdale6]

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@JayNYOne wrote:

What, if anything, can I do about the OC reporting once it's been settled/resolved with the agency or debt buyer?  Anything?

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Since Cap-1 sold it doesnt matter if you pay the new owner or not, the only thing that might work are GW letters and Cap-1 has a reputation for not honoring them but it doesnt mean you dont try. Here is the GW Letter thread:  http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto... I would wait awhile though to try they sold that debt for pennies on the dollar so they are not going to be very willing.

[Anonymous]

I had capital one. They sold my debt to Portfolio Recovery but it wasn't showing on my credit report from Portfolio. Only showing a charge off from Capital One. Cap One told me to pay CA. I paid them and two days later, the CA reported it to credit bureaus. It dropped my score 11 points. Sent a GW to CA and Capital One in hopes of removal, but no luck so far.

[JayNYOne]

That's what I'm afraid of...sorry of waking a sleeping giant.

[JayNYOne]

Any other suggestions on this issue?  I'm trying to clean these up as quickly as possible so when I apply for a car loan in May I get a somewhat decent rate.