Capital One/Portfolio Recovery Associates Question

Anonymous · ‎04-23-2015

Hello all! I'm new to this forum. I've been in the process of trying to repair my credit and today I just received a letter from Capital One (where I have a charged-off credit card debt) that Portfolio Recovery Associates now owns my account. What exactly does this mean? Excuse me if I sound like an idiot who doesn't know anything, but I kind of am. Does that mean Capital One will no longer be reporting this credit on my Credit Report? If I pay Portfolio Recovery in full will the debt still be a charge off on my credit report through Capital One? I would love the debt completely removed if possible and I have the ability to pay in full. Can I make this happen somehow?

gdale6 · ‎04-23-2015

@Anonymous wrote:
Hello all! I'm new to this forum. I've been in the process of trying to repair my credit and today I just received a letter from Capital One (where I have a charged-off credit card debt) that Portfolio Recovery Associates now owns my account. What exactly does this mean? Excuse me if I sound like an idiot who doesn't know anything, but I kind of am. Does that mean Capital One will no longer be reporting this credit on my Credit Report? If I pay Portfolio Recovery in full will the debt still be a charge off on my credit report through Capital One? I would love the debt completely removed if possible and I have the ability to pay in full. Can I make this happen somehow?

welcome to My Fico

It means that Cap-1 will update their TL to 0 balance due with notations of sold/xferred to another lender, it will remain on file for up ti 7.5 yrs from the accounts DoFD. If PRA is not yet on your reports I would be contacting them posthaste to settle the debt in exchange for their TL not reporting.

To remove the Cap-1 TL it requires a jesture of goodwill from them, they typically only grant it in the last year of its reporting but it doesnt mean you dont try before that.

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

Anonymous · ‎04-23-2015

@Anonymous wrote:
Hello all! I'm new to this forum. I've been in the process of trying to repair my credit and today I just received a letter from Capital One (where I have a charged-off credit card debt) that Portfolio Recovery Associates now owns my account. What exactly does this mean? Excuse me if I sound like an idiot who doesn't know anything, but I kind of am. Does that mean Capital One will no longer be reporting this credit on my Credit Report? If I pay Portfolio Recovery in full will the debt still be a charge off on my credit report through Capital One? I would love the debt completely removed if possible and I have the ability to pay in full. Can I make this happen somehow?

As already mentioned, you should work fast to pay the debt with Portfolio Recovery before they report it (that is if you are currenty able to pay it in full). Make sure that they agree to not report it in exchange for your payment. There is no doubt that they will start reporting it as a collection on your reports and that will really hurt. Just be cautious in dealing with them as they are not known to be honest. You can try to get Capital One to accept your payment in full, but they will most likely tell you that you have to deal with Portfolio. It may be worth a try though. As far as the Capital One account it will most likely remain on your reports for 7 years from the time you missed your first payment that led to the charge off, whether you pay the debt or not. It is very important to pay it though if you can because if you don't then you can end up with a collection account on your report for the same length of time and you could also be sued for the debt if it is substantial enough for them to warrant taking it to court. Be aware that even if you pay Portfolio they may still place the collection on your report as a paid collection. Make sure they agree not to report it in exchange for your payment. Do not attempt any settlement offers at this point in time, the debt is too fresh to put you into bargaining position. You can ask what they will accept as full payment but do not argue if they do not come down on the amount.