OC and CA reporting

[Anonymous]

I had a Capitol One card that was charged off a few years ago. Capitol One is still reporting a balance on my CR's. After seeing that it was still reporting, I called Capitol One to see if there was a way to get this pulled back or rehabilitated. They said they could not help me and that I needed to call some number. They said the account had been sold.

So I have another mark on my CR's from NCO/55 and I am guessing this is the mark from the CA for this Capitol One account. But the balances do not match and neither do the account numbers.

IF this mark from NCO/55 is the correct one for this Capitol One account, what can I do to get the OC to stop reporting a balance. It does not say on the trendline that this Capitol One account was sold. If they are both reporting a balance, does this negatively affect me more than if the OC was not reporting a balance?

I think I am going to DV NCO for this mark on my CR's.

[Anonymous]

Here is a link to the mark on my Experian CR. This is the mark from Capitol One.

Experian Capitol One

I take back my comment from my first post about NCO/55. That is something completely different. To make it clear, I cannot find a mark from a CA dealing with this Capitol One charge off.

[RobertEG]

If the OC charges off the debt, you still owe it to them, and they can still report it, and continue to attempt collection activity.

The charge off is an internal accounting procedure used by the OC to charge the debt to loss for tax purposes in the year charged off.  Once they do this, it then appears in your CR, and remains for 7 1/2 years from the DOFD.  If you later pay it to them, it then becomes income for their accounting in a subsequent tax year, but does not erase the CO from your CR.  It affects their IRS reporting, but not their credit reporting as to any erasure of the original CO post.  They will simply update the account status code to paid in full, or settled for less than the full amount of the original debt.

An OC can contract with a CA to collect in the debt on their behalf, without selling the actual debt to the CA. 

The CA can then post to your CR, which is a separate and legitimate post.  But the debt is still owed to the OC.

Both the CO and CA are included in your CR.

An OC can also sell the debt outright to a CA, which legally transfers ownership of the debt to the CA.  The CA can also then post the CA to your CR, and the OC reportring is similarily not deleted.  The significance is that it transfers ownership to the CA, thus making them the one you have to deal with, and the one who is then legally able to sue for the debt.

Both CO and CA reporting on the same debt is common and legitimate.

I would advise settlement with the OC as soon as possible.

[Anonymous]

I called the OC today and they said the account had been sold to NCO. No chance to pay the OC, rehab the account, etc. I had to deal the with CA. So far, from what I have seen on my CR's I cannot find the CA posting anything with this account.

So say the CA has yet to report on my CA - do I have a chance to get this paid through the CA so it doesn't see the light of day on my CR's? I don't have an address for them - only a number the OC keeps giving me when I call.