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I was reviewing my credit report, and noticed something that I must have overlooked before ... Portfolio Recovery is reporting a collection of $271 from a Capital One credit card from 2013, I believe it was. Well, that credit card was a secured credit card that I received with a $300 security deposit. Isn't that the point of a security deposit? To cover the amount owed if I don't pay it? If that is the case, should a secured credit card be reporting like this? How would I go about disputing - to the collection agency, or to CapOne? Thanks in advance.
But if the reported debt is $271 and the security deposit was $300, then it wasn't over the limit of the deposit
Ah that makes sense, I see what you're saying. How would I find out this information, then? Collection Agency or Original Creditor?
And will going to CapOne and bringing up this account that they sold off - will it effect my current credit card with them? Like raise a red flag to them and make them wanna cancel my card or lower my limit?
The card is still in default.
The amount is placed as security in reimbursement of any default that might occur, ad not as a guaranteed payment to prevent default.