Capital one CO.....

[Anonymous]

Ok so I screwed up with Capital One years ago....I had 2 collections with them....one I paid in 2012 (before finding this board) and the other is in collections with Portfolio Recovery. I currently have 2 newer open Cap Ones cards that I pay regularly and are in great shape. I'd love to GW them about the paid one but the one in collections is unpaid and I can't afford to pay that right now. If I GW the paid one will they start trying again on the unpaid one? Does this make sense?

[jeffm4688]

It's not up to capital one to collect anymore, but as far as I know it is very difficult to obtain a GW with capital one, and I think it might be less likely if both the accounts aren't paid in full.

I am going through this process now, I got a call from the EO last night who is going to attempt to obtain deletion on two tradelines for me that were both paid in full but who knows.

[RobertEG]

A debt can be "in collection" with a debt collector in one of two ways.

The OC could still own the debt, and the debt collector is only an assigned agent to collect on their behalf.  In that event, the debt is still owed to the creditor, and thus payment will be know and considered by them.

However, the OC may have sold the debt to the debt collector.  In that event, the OC updates the debt balance under their reporting to $0, and is finished with you.

If the debt is then paid, it goes entirely to the debt collector, and the OC is not aware of or concerned with payment. 

If the OC has sold hte debt, they most likely wont see your payment as any incentive to delete any prior derogs they have reported, such as monthly delinquencies and/or a charge-off.

Who now owns the debt that is under collection?

[Anonymous]

I'm sorry I'm just seeing this now....Portfolio Recovery now owns the collection....

[gdale6]

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@Anonymous wrote:
I'm sorry I'm just seeing this now....Portfolio Recovery now owns the collection....

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Ok so begin your GW letter campaign on the paid CO and leave the one they sold alone, getting goodwill on a sold account is nearly impossible only shot with them is in the last year of its reporting.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

[penny_e]

have you seen whats in the news with portfolio recovery? You may want to google them.http://www.consumerfinance.gov/newsroom/cfpb-takes-action-against-the-two-largest-debt-buyers-for-us...

[sdtrew]

I have some accounts owned by PR and they tried to get me to make payments a few years ago. I declined. I still have them on my credit report but they are due to expire in a year. Since they have been known to collect debts on accounts they can't verify should I send them a DV on my accounts? I know I owe for the accounts but the exact amount is questionable. The amounts I owe are way over my limits I had with them.

I wonder if they have been relaxed about deleting old accounts since this court ruling. 

[Anonymous]

Good point! I forgot they were in trouble! I have 3 collections on my reports...one from PRA and the other from Midland which is also in hot water...should these be verified before doing anything?

[Anonymous]

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@sdtrew wrote:

I have some accounts owned by PR and they tried to get me to make payments a few years ago. I declined. I still have them on my credit report but they are due to expire in a year. Since they have been known to collect debts on accounts they can't verify should I send them a DV on my accounts? I know I owe for the accounts but the exact amount is questionable. The amounts I owe are way over my limits I had with them.

I wonder if they have been relaxed about deleting old accounts since this court ruling. 

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You could send a DV but they are not legally obligated to respond to such a letter. Especially after the initial 30 day window of receiving information about the collection. If the amounts reported as owed are not correct and additional fees have been added without your consent in writing with the original creditor, then you could dispute the validity of the debt with the CRA's.