cancel
Showing results for 
Search instead for 
Did you mean: 

Capital account transferred to a collection agency

tag
Anonymous
Not applicable

Capital account transferred to a collection agency

I have two old Capital One Accounts. Both due to come off in Dec 2009, however trying to get a mortgage now and need to work on this. One is for $2k and one is for $1600.00 and I wanted to contact Capital One to try to negotiate a settlement. Capital One advised me they no longer have the account and referred me to NCO financial services. I just want to make sure I am correct, if Capital One no longer has the account, shouldnt the Capital One Accounts on my credit report show a zero balance? I have a third account from Capital One that was transferred to a collection agency and it is reflecting a zero balance.

 

Of course tried to contact NCO, they can not find me in the system. I disputed the balance with the CRA's but should I continue to pursue which collection agency has it or should I wait to see what happens with the dispute. I need to take care of this immediately as I have 30 days, from reading the forums I see Capital One does not do PFD.

Message 1 of 4
3 REPLIES 3
llecs
Moderator Emeritus

Re: Capital account transferred to a collection agency

CapOne will report a $0 balance when the TL is sold. In dealing with OCs in the past, they would always tell me that they no longer have the accounts and that XYZ CA now handles the accounts. IMO, they are just passing the buck. They are the ones to deal with and them not selling the TL is probably a good thing, otherwise a new CA would report. If I was in the situation, and have been, and if I had to pay it due to a lender's requirement, then I would call CapOne over and over and over until I had confirmation that they still owned it, then I would PIF without a PFD. They never accept PFDs and paying it to $0 will boost your util and score if it is factored into your utilization.
Message 2 of 4
Anonymous
Not applicable

Re: Capital account transferred to a collection agency

I called Capital One Back and they again insisted I call NCO. I called them again this time someone found me and the two different accounts have been referred now to two different attorney's. I have been contacted by neither. Capital One has already had a judgement and it has come off my CR. So if the original creditor had a judgement could an attorney turn around and get a judgement on the same account because it is in their hands now? I believe it is past the statute of limitations. Both these accounts are due to age off in December 2009. I just want to know when I contact these attorney's what they will try to threaten me with and what would be accurate. Both of these accounts used to be $300.00. The third one that is now showing a zero balance was up to $2300.00 and I settled it for $700.00. I had an attorney negotiate that for me but I was also pending a judgement which is not the case now, I simply need these two accounts to reflect $0. That is the excess of the balance on my cr.
Message 3 of 4
llecs
Moderator Emeritus

Re: Capital account transferred to a collection agency

Ignore what CapOne says. I'm certain they still own it. Ask them, "who owns this debt?" . If they say "NCO", then ask them why they are reporting a balance. If they sell it, they have to report $0. Ask them if you can PIF, will they remove it. There answer will be "No". Then ask them if they receive a PIF, will they mark it as paid.

You can't be sued twice for the same debt.

Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.