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Can Capital One do this?!?!?

jeannieavc
New Contributor

Can Capital One do this?!?!?

I have a Cap 1 account that was charged off in Jan. 2006 and sold to a CA in Mar 2008.  All of a sudden they have listed a CO symbol for July of 2010, 2 months ago! So I have a CO listed for Jan 2006 and one for Jul 2010.  Is this legal?  Can they do this?  On the same day that this happened, my score dropped 25 points.  Anyone have any experience with this?


Starting Score: 1/25/10 EQ 568, TU 641, EX (FAKO) 580
Current Score: 9/27/10 EQ 692, TU 736, EX (FAKO) 744
Goal Score: 800


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Message 1 of 11
10 REPLIES 10
AndySoCal
Valued Contributor

Re: Can Capital One do this?!?!?

Are saying the same account is reported twice ? 

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Message 2 of 11
jeannieavc
New Contributor

Re: Can Capital One do this?!?!?

No, the account is only reported once but it says CO for Jan2006 then nothing until July 2010 where it now says CO again.  But the account was closed Feb 2006 and sold Mar 2008.


Starting Score: 1/25/10 EQ 568, TU 641, EX (FAKO) 580
Current Score: 9/27/10 EQ 692, TU 736, EX (FAKO) 744
Goal Score: 800


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Message 3 of 11
daboss28
Frequent Contributor

Re: Can Capital One do this?!?!?

Check your actual reports if you haven't already. annualcreditreport.com.

 

This sounds as if it's an updated delinquency and if your account is unpaid this will cause your score to drop if it's in a healthy/semi healthy range or become stagnant if it's in the toilet.

 

However like i said earlier if you check your actual reports they will tell you the drop off dates or dofd ... and this will tell you if the delinquency has been re-aged. 

 

Words of wisdom find out your SOL in your state for the debt collection defense.  If you are past it I would start offering a PFD.

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Message 4 of 11
RobertEG
Legendary Contributor

Re: Can Capital One do this?!?!?

Nothing illegal.

They did charge-off, and initially reported it with an initial CO  date of 1/2006.  They can, each month after that, report the continued status of the account as a prior  charge-off, forever.

 

 

Message 5 of 11
O6
Senior Contributor

Re: Can Capital One do this?!?!?


@RobertEG wrote:

Nothing illegal.

They did charge-off, and initially reported it with an initial CO  date of 1/2006.  They can, each month after that, report the continued status of the account as a prior  charge-off, forever.

 

 


No, not forever.  It can report for up to 7 and 1/2 years.

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Message 6 of 11
jeannieavc
New Contributor

Re: Can Capital One do this?!?!?

Thanks Robert for that response but I have another question.

Between Jan 2006 and June 2010 they were reporting as "paid as agreed" (Even though it was charged off and sold) and THEN in July 2010 they reported charge off again.  I know that they can report charge off forever but weren't they incorrectly reporting "pays as agreed" for all that time?  Isn't that why my score dropped is because it looks like an account that was current for 4 years just went late in July? I believe that if they were reporting "charged off" every month from 2006 until current I wouldn't have experienced a score drop like I just did when they reported July as a charge off after so many months as paid as agreed.  Am I right?


Starting Score: 1/25/10 EQ 568, TU 641, EX (FAKO) 580
Current Score: 9/27/10 EQ 692, TU 736, EX (FAKO) 744
Goal Score: 800


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Message 7 of 11
daboss28
Frequent Contributor

Re: Can Capital One do this?!?!?


@jeannieavc wrote:

Thanks Robert for that response but I have another question.

Between Jan 2006 and June 2010 they were reporting as "paid as agreed" (Even though it was charged off and sold) and THEN in July 2010 they reported charge off again.  I know that they can report charge off forever but weren't they incorrectly reporting "pays as agreed" for all that time?  Isn't that why my score dropped is because it looks like an account that was current for 4 years just went late in July? I believe that if they were reporting "charged off" every month from 2006 until current I wouldn't have experienced a score drop like I just did when they reported July as a charge off after so many months as paid as agreed.  Am I right?


You have a misconception there.  The account has been charged off and they have proof of it.  If you want to really go down the accuracy road you can dispute the fact that they reported paid as agree when it wasn't.  Also if they reported CO every month instead of paid as agreed your score would be much worse off than it is now.  It would be nowhere near 692.  THey can correctly put CO for all those months and you can sit and watch the results to your score.  You should not concern yourself with that.

 

What are they reporting for August??

 

You should negotiate a PFD ... keep in mind The CA is probably a division of capital one collections.  Meaning they do it all in house.

 

EQ 715 8-4-12 // Walmart TU 720 8-11-12 // TU 04 744 (cc pull) 8-23-12 EXP (cc pull) 707 8-23-12
~~In my wallet: Chase Freedom, Discover More , US Bank, Walmart Discover, CitiDividend Platinum Select , Target Red Card

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Message 8 of 11
jeannieavc
New Contributor

Re: Can Capital One do this?!?!?

For August it reports "paid as agreed".  I don't understand.  The CA was NCO.  And I would negotiate a PFD its under $1000 but couldn't that restart the SOL or DOLA?


Starting Score: 1/25/10 EQ 568, TU 641, EX (FAKO) 580
Current Score: 9/27/10 EQ 692, TU 736, EX (FAKO) 744
Goal Score: 800


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Message 9 of 11
daboss28
Frequent Contributor

Re: Can Capital One do this?!?!?

Do not admit to the debt just say Tell them you want to pay the debt but you cannot promise anything unless they send you a promise to delete from your credit reports in writing.  This would not be an agreement to pay this would be a condition if they ignore your request then you can ignore paying them.  It's that simple.  For you are not promising them anything you are simply requesting that if they want the debt settled they can send you an agreement first.

 

 

EQ 715 8-4-12 // Walmart TU 720 8-11-12 // TU 04 744 (cc pull) 8-23-12 EXP (cc pull) 707 8-23-12
~~In my wallet: Chase Freedom, Discover More , US Bank, Walmart Discover, CitiDividend Platinum Select , Target Red Card

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Message 10 of 11
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