In regards to HSBC & CapOne

[dude11]

Hello,

I was wondering if anyone has been through something similar before or may have some knowledge in regards to CC divisions being sold to other banks similar to HSBC and CapOne. What I would like to know is once HSBC sells the CC business in the US to CapOne will passed CO debt be passed along? Let's say I had a CO from HSBC from BestBuy that went to collections, but I paid the debt through the CA and it is done for. If I were to dispute the CO after CapOne takes over HSBC's CC business would they or could they still validate it or they would not have a record of the passed charge offs?

Also, what if I were interested in applying for BestBuy's HSBC CC again and let's say it becomes BestBuy CapOne but I wait after this is all done with will I have a good chance? Would CapOne know about my previous history with BestBuy HSBC and just deny me?

I currently have a Orchard Bank CC I just opened this year and I have 2 CapOne cards. I had a CapOne card in the past that I closed and I had a good payment history with except for one late payment.

Thanks everyone and I understand if you can't help just curious if anyone has been through something similar before.

[Anonymous]

I would also like an answer to this question.

My Best Buy RZMC was charged off with HSBC, I paid the CA and tried to GW HSBC with no result. I'm wondering how HSBC would be able to validate this past debt going forward, or if it was challenged it would be taken off of my reports.

[chamire]

HSBC will not remove my old charge off  account after multiple goodwill letters. They want budge at all. They did remove 2 late 30 day payments on my HSBC RMC. But for my other Hsbc card that was charge off they want even consider it, even though i sent proof that  i was hospitalized . I have been a client  for 8 years now. Every  Indian rep i get say sorry unfortunately we can not remove the information its will show paid settle in full. Hsbc is very strict on their reporting policies.

[snowangel]

Can I ask where/how you sent your letters?  I have a 30 and 60 day that I am trying to get removed on my Orchard Bank account.  You can PM me if necessary.  Thanks.

[Anonymous]

Does anyone have a credible answer to dude11's and my questions?

[rckstrscott]

Capital One will become the OC, and legally required to report/validate under the same exact guidelines and laws the HSBC currently does.. any written agreement you have with HSBC you now have with Capital One - They will assume all liability, assets and debts. That includes any current or PAST account holders.

Example: You had a charge off in 2007 with HSBC,  and they sold the debt. HSBC currently reports the charge off. If you wait til Capital One takes over, and you dispute it, Capital One will validate the account throught the CRAs because they have legally taken over ALL aspects of their business.

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[ALHondaGuy]

Does Cap1 become a third party debt collector should they attempt to collect?

[sassymomof2]

No. They are considered the OC. If you owed HSBC the original debt, Capital One takes all ownership rights of HSBC's portfolio with the sale. If its unpaid, they can take any means necessary to collect the money they are due.

[jervusboy]

In regards to GW letters, they will now be sent to Capital One CEO or Executives?

[ALHondaGuy]

I disagree. I see Cap One's purchase of the defaulted CC accounts as no different that a JDB purchasing. Yes, they're bigger, but for all intensive purposes, the same standards apply.