First Source Advantage LLC

[Anonymous]

Has any of you had any dealings with First Source Advantage LLC? If so, did they show up on your credit report? They now own an account I had with Capitol One. I was told by Capitol One that they (First Source) does not report to credit bureaus. Instead they’ll sell the acct again if they aren’t able to collect. I find this so hard to believe but need to know ASAP because I’m in the process of buying a house and don’t want this showing on my credit report while I’m in escrow.

[OmarGB9]

I have not, but you could try contacting them and paying in exchange for not reporting?

[Anonymous]

I paid a settlement through first source, for a capital one card.

The collection agency never showed up on my credit report and I actually verified with them that they would not. They told me that they will never show up on my report and that the capital one account will show changes after settlement but nothing else.

I was told that they work for capital one, which is why the capital one account still shows the balance, and why there is not a separate account for the collection agency.

If capital one had sold the debt to them outright, capital one account would show balance of 0 and a new account(first source) would have been added under collections, with the past due balance.

I’m no expert, this has just been my experience and what I was told via phone by first source. I also think there is a FAQ on the first source website that explains this- why you won’t see their company show up on your credit report.

Have a good day!

[Anonymous]

Also they were very easy to deal with and I settled for $1000 on a $5000 charge off- they were polite and professional and the process was efficient.