Suggestion on Cap One Dispute

[jvt_mercer]

I decided to review my Cradit Report today and found an account with Cap One from 2012 that shows a closed/derogatory status. I called the # listed for it to inquire about the account and request a GW removal. While talking to the rep I was advised that the account was opened through Orchard Bank, sold to Cap One and then sold to Portfolio Recovery Services. 

My report does not have anything pertaining to Orchard Bank or Portfolio Recovery ... The rep advised that Cap One does not participate in an early removal program and that since the account was sold I could not do anything with them to resolve the matter. Essentially I'm stuck with a closed/charge off trade line ....

Whats the best course of action to resolve/dispute this matter ?

[jvt_mercer]

Account Details
Last Reported Apr 10, 2013
Creditor Name CAPITAL ONE
Account Type Credit Card
Account Status Closed - Derogatory
Opened Date Apr 26, 2012
Closed Date Mar 14, 2013
Limit $300
Term --
Monthly Payment $0
Responsibility Individual
Balance $0
Highest Balance $449
Payment Status Collection/Charge-Off
Worst Payment Status Unknown
Date of Last Payment Jul 24, 2012
Amount Past Due $0
Times 30/60/90 Days Late 0/0/0
Remarks Payment after charge off/collection
Account information disputed by consumer, meets FCRA requirements

[gdale6]

Your only chance is getting a GW deletion from Cap-1 but if it was sold that means they took a total loss on you and its not going to be easy. I would begin a GW letter campaign at one letter every other month to the CEOs office until you get the GW or it drops from age. DO NOT DISPUTE IT it hasnt reported in over 2 years if it updates it will drop your Fico score.

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

[RobertEG]

To follow up on gdale's advice not to dispute, there is no inaccuracy in their reporting provided they have upadated the balance ot $0.

The sale of the debt does not require them to delete the reporting of the fact that they took the accounting measure of charging the debt to profit and loss.

Only voluntary deletion of that reporting by the creditor or waiting for its exclusion at approx 7 years from DOFD will remove it.

There is no inaccuracy in their contnued showing of a charge-off, and thus no basis for a dispute of its accuracy.

An improper dispute at this point will more likely lessen their chance at a GW deletion.

My suggestion is to consider contacting the current owner and making a pay for not reporting offer before they too report to a CRA, thus increasing your woes by the addition of a collection.

[jvt_mercer]

Thank you both for the responses ... 

I will start a GW campaign as suggested and just sit on it. As for the sell off, if i recall correctly that TL was deleted about 8-10 months ago when I disputed it on my CRA's.