Capital One charge off.. HELP!!!

[Anonymous]

Hi everyone!

So today I once again tried to contact CapOne over the phone to see if there was anything more we can do. After reading for hours I find someone that had success recalling the account from the CA, and it was transfered back to Capital One after two years. When I called the card recovery number, the lady I spoke to told me that they only recall accounts from the CA if you have a good reason. I told her that I did have a reason. I said I felt like the collection agency was being untruthful and that when it comes to settling debt I was done with trying to deal with collection agencies. The only way I would try to settle the debt is if CapOne recalled the account.

To my surprise, she stated she would be escalating my account to the escalations team and that they would be contacting me back within 24 hours. 

At least I'm getting somewhere!!!

My thought process is if CapOne takes back the account, I can probably get a somewhat honest settlement, as well as negotiate the notation that they would report on my CR since they're the ones that own the account, not the CA.

Please comment your thought on what you think. I love to hear from others that have more experience. Thanks!

[720Onward]

Thank you! Hope it works out for you as well!

I'll defnitley be staying tuned.

[SunriseEarth]

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@720Onward wrote:

I'm going through something similar.  I had an account with Capital One.  It unfortunately charged off and went to a collection agency called ARS.  They said if I paid in full that they would give me a letter that reflects that.  The letter they sent me indeed says paid in full but the CRAs have me as either "Charged Off Paid in Full" or "Paid in Full was Charged Off".  Which still makes the account derogatory.

I've been going back and forth with CRAs, ARS and Cap One just trying to get my account updated as agreed.  I've asked for a goodwill twice (via the EO) and twice I was turned down. Capital One's view is I made the agreement with ARS and not them so they can't honor it.  The person (a supervisor at Cap One) apologized and said that ARS should have never agreed to that because Capital One would not be able to change the "Charged Off" status.  I've argued that Capital One were the owners of the debt and that ARS was hired to represent/speak on Cap One's behalf and they should honor the agreement.  Especially since I was told that I was to communicate to ARS by Cap One.  

I've sent ARS's letter to the CRAs, pointing out the discrepancy and the status remained unchanged.  There were notations on my reports that I should contact Capital to resolve.

Because I contacted the CRAs, the credit dispute dept from Capital One has contacted me via letter (received yesterday).  In the letter they stated that they didn't believe that they had the whole story from the CRAs.  They wanted me to provide an explanation along with any supporting docs.  I did that this morning and now I wait to see if they update my reports.

One thing that I did notice is that they zero'ed out my account and my credit score went up I believe 39 points.  It still is listed as a paid charge off though and that I was late.  I'm not sure if I should just be happy with that and let it fall off my account in five years or continue to pursue.

Having the credit dispute dept reach out to me is kind of giving me hope.

When you get your letter, if the CA is able to.  I would ask if they could write something that states the account is to be noted as "Paid in Full" and not some variation of paid in full with a charge off.  I'm not an expert, so I'm not sure how all this works. Hence my situation.

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The reporting is accurate, so the CRAs won't do anything about it.   If ARS agreed to a different reporting, however, that sounds more like a BBB issue.   You could try that avenue, if you wish to pursue it.

When I dealt with ARS, they advised me that they couldn't negotiate the reporting, so mine reflected as "settled in full" with a zero balance.   Eventually, since Cap One was unwilling to do GW removal, I just let the account age off.   

[720Onward]

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@SunriseEarth wrote:

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@720Onward wrote:

I'm going through something similar.  I had an account with Capital One.  It unfortunately charged off and went to a collection agency called ARS.  They said if I paid in full that they would give me a letter that reflects that.  The letter they sent me indeed says paid in full but the CRAs have me as either "Charged Off Paid in Full" or "Paid in Full was Charged Off".  Which still makes the account derogatory.

I've been going back and forth with CRAs, ARS and Cap One just trying to get my account updated as agreed.  I've asked for a goodwill twice (via the EO) and twice I was turned down. Capital One's view is I made the agreement with ARS and not them so they can't honor it.  The person (a supervisor at Cap One) apologized and said that ARS should have never agreed to that because Capital One would not be able to change the "Charged Off" status.  I've argued that Capital One were the owners of the debt and that ARS was hired to represent/speak on Cap One's behalf and they should honor the agreement.  Especially since I was told that I was to communicate to ARS by Cap One.  

I've sent ARS's letter to the CRAs, pointing out the discrepancy and the status remained unchanged.  There were notations on my reports that I should contact Capital to resolve.

Because I contacted the CRAs, the credit dispute dept from Capital One has contacted me via letter (received yesterday).  In the letter they stated that they didn't believe that they had the whole story from the CRAs.  They wanted me to provide an explanation along with any supporting docs.  I did that this morning and now I wait to see if they update my reports.

One thing that I did notice is that they zero'ed out my account and my credit score went up I believe 39 points.  It still is listed as a paid charge off though and that I was late.  I'm not sure if I should just be happy with that and let it fall off my account in five years or continue to pursue.

Having the credit dispute dept reach out to me is kind of giving me hope.

When you get your letter, if the CA is able to.  I would ask if they could write something that states the account is to be noted as "Paid in Full" and not some variation of paid in full with a charge off.  I'm not an expert, so I'm not sure how all this works. Hence my situation.

---

The reporting is accurate, so the CRAs won't do anything about it.   If ARS agreed to a different reporting, however, that sounds more like a BBB issue.   You could try that avenue, if you wish to pursue it.

When I dealt with ARS, they advised me that they couldn't negotiate the reporting, so mine reflected as "settled in full" with a zero balance.   Eventually, since Cap One was unwilling to do GW removal, I just let the account age off.   

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Thank you so much for responding! I think I just might accept this aging off.  Prior to receiving the letter from Capital One's dispute office I had decided to leave it alone especailly with my scores going up (that has to mean there's a positive there somewhere), this thing aging (2 years down, 5 to go) and Capital One approving me for a new card with a decent starting limit ($3000). 

Thank you for the info regarding the BBB.  I'll definitely keep it in mind if I end up pursuing it further.