Dont know what could have happened with Cap1 going poof. Never heard of that happening for no reason. But jump all over paying Portfolio. They will remove their entry on your report once paid. It's their policy. But since it isnt there yet. Yes pay it quickly. LVNV wont do the same. Settle with them so it quits updating each month. Credit One is known to do GW's. Hit the search bar above for Credit One Goodwill Success. Many entries. Good Luck!
@FireMedic1 wrote:Dont know what could have happened with Cap1 going poof. Never heard of that happening for no reason. But jump all over paying Portfolio. They will remove their entry on your report once paid. It's their policy. But since it isnt there yet. Yes pay it quickly. LVNV wont do the same. Settle with them so it quits updating each month. Credit One is known to do GW's. Hit the search bar above for Credit One Goodwill Success. Many entries. Good Luck!
+1 @FireMedic1
I'm just taking an educated stab at this^
Is it possible that Portfoilio purchased the debt from Cap1 and that was the cause of the deletion?
Either way? What a lucky deal!! YES JUMP ON IT ASAP!!!
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A new practice I am seeing happen is that when a bank sells a debt to a debt buyer, they delete the original trade line. I've been seeing Citi Bank and Elan Financial Services do this for a while, and it seems Cap1 has also picked this up. To me, it seems they are doing this to avoid any liability for inacvurate credit reporting after a debt is sold and no longer belongs to them. After all, how does it benefit them to continue to report negative info after they sold the debt?
@Anonymous wrote:
The same thing just happened to me I had 2 charge offs in 2016 one for $10,000 and one for $5000 and out of nowhere the in 2018 they dissapeared so I tried disputing the collection portfolio was reporting and they deleted the collections as well I couldn't believe it and to be honest I still cant and just like you they approved me for another card WOW cap1 is crazy.
@Ductaper there is a principle for credit reporting that you cannot simultaneously owe two creditors for the same balance. If your report is showing an original trade line with a balance and a collection with the same balance, then both of those creditors have violated what is called double jeopoardy. They are reporting inaccurate information becvause you cannot owe tow people for the same balance. That's why I was mentioning earlier that this new practice of the original bank deleting their trade line after selling debt seems to be happening more frequently. However, they do retain the right to mark it as charged-off and sold/transferred with a $0 blanace. That would be accurate reporting, but it seems some of the banks are skipping that route altogether and just deleting.