Please Help!!! So confused about Capital One!

[guiness56]

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@tonyjones wrote:

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@guiness56 wrote:

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@tonyjones wrote:

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@Countingpennies wrote:
No, it appears to be reporting correctly. 0 balance, charged-off, transfer/sold.

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That sucks, I won't be able to get any credit with that charge off showing as charge off. Is there any way I can get them to show it as paid if I paid the CA that they sold it to?

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No, they won't update it to paid.  It already shows a 0 balance which means you don't owe them anything.

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But almost all CC lender said they won't approve me until I get that either removed or changed to Paid Charge Off

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You may need to do a recon with the lenders and point out it is showing a 0 balance which means you don't owe them any money.  Once an OC sells a debt they will not report as paid because no money is owed to them and the CA is under no obligation to tell them it was paid. 

I have never heard of them doing this before.

[RobertEG]

Once charged-off, that fact is cast in stone, and remains regardless of whether the debt is paid, remains unpaid, is sold, etc.

You dont "pay a charge=off," you pay the debt that just happens to have been charged-off by the OC.

Once the OC sold the debt, they were required to repot a $0 debt balance owed to them.  They are then out of the picture. 

It is then the option of the new owner to collect on the debt, and/or report to the CRA.  The OC has no obligation after sale of the debt to follow up on payment to another, and report that payment.

Your potential creditor should understand that the OC reporting will not show the ultimte status of the debt itself.

As stated, if the debt collector never reported their collection, and thus paid when the debt was satisfied, then you need a letter from then attesting to satisfaction of the debt.

[tonyjones]

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@RobertEG wrote:

Once charged-off, that fact is cast in stone, and remains regardless of whether the debt is paid, remains unpaid, is sold, etc.

You dont "pay a charge=off," you pay the debt that just happens to have been charged-off by the OC.

Once the OC sold the debt, they were required to repot a $0 debt balance owed to them.  They are then out of the picture. 

It is then the option of the new owner to collect on the debt, and/or report to the CRA.  The OC has no obligation after sale of the debt to follow up on payment to another, and report that payment.

Your potential creditor should understand that the OC reporting will not show the ultimte status of the debt itself.

As stated, if the debt collector never reported their collection, and thus paid when the debt was satisfied, then you need a letter from then attesting to satisfaction of the debt.

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I guess I'll just try to GW Capital One to remove the charge off now since it's been paid.

[tonyjones]

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@todd99 wrote:

"Also, I had a late payment from November 2012 removed from all 3 reports as of today, but my score has not increased. Should I expect an increase from the removal?"

I recently had a 4year old collection removed from my CR and it did not increase my score. The age of debt was too old to actually impact my score apparently.

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Mine is from 2008 also, I hope it gives me an increase in score when I do get it removed.