old ORCHARD bank and CAP ONE

[kevinlee28]

i had an old Orchad bank acct and i guess its now CAP ONE. i disputed it not knowing that its CAP 1 now and it came back as verified. then shortly after i recieved a letter from Cap 1 saying that they no longer own this account as of 8/10/12. and the last time it was reported it was reported as sold.

does this letter help me with deletion since they are stating that they do not own it? also they are telling me it belongs to Calvary ...

any advice?

[guiness56]

Sounds like it belongs to Calvary or whoever they sold it to.  Did they not tell you in the letter?

[kevinlee28]

right and i said that, but i was asking do you think i can request a deletion of the cap 1 charge off since they said they have not owned  the acct since 2011? because technically 2 companies are reporting the same debt?

[guiness56]

Who is reporting, Cap 1 and Orchard or the CA?.

You are not being clear in your post.

[alexl22]

They are reporting correctly, hsbc is reporting a charge off and it will stay on there until it falls off in 7 1/2 years from dofd. Also when they are stating they dont own the debt anymore they are basicly stating they sold it to a CA, in your case Calvery who also has a right to report the collections. I have the same thing with hsbc and portfolio recovery. It blows but is correct, all you can do is pay the debt to the CA and then goodwill both CapOne and CAto death to remove.

[kevinlee28]

they both are reporting

[guiness56]

You can actually have 3 TL reporting.  The one from Orchard, the one from Cap 1 and the one from the CA.

The 2 OC accounts would report a 0 balance and the CA would report a balance.

The fact that they sold the debt doesn't matter.

[alexl22]

Yes and they both are reporting correctly. While a charge-off is considered to be "written off as uncollectable" by the bank, the debt is still legally valid, and remains as such after the fact.