Over a year ago I received a letter from Capital One stating that they purchased an old debt of mine from a previous creditor. The offer was a new Capital One Visa with a $900 credit limit. The catch was that the old debt would be charged to the $900 credit limit and I would have to pay the debt down. Once I was below the $900, I could begin using the new Visa. I have since paid the balance down and I am using the card for various purchases. But instead of deleting the previous account from my TU report, they have "re-aged" the debt so it wont fall off until 11/2007. Originally it would have been removed 11/2002. I posted a letter on PFB and the famous Mr. Cooke replied that I should call him to discuss. Just got off the phone and he said that this is reported CORRECTLY to TU?!?!? HELP javan
Re: Cap 1 - Help I'm desparate I have the same problem with TU. The item has come off of EXP an EQU, but TU verified it. I re-disputed as the old debt has a balance which was subsequently transeferred and has been paid on the new account. I am hoping it will come off TU or else I too will have to call Capital One and just hope that it doesn't get put back on EXP and EQU. Has anyone else had this and had success getting it off?
Sounds like paying the debt down re-aged it. I think its legal. By paying you started the clock all over again. They had 2 of my old debts and offered me the same. I threw them away. I since have 3 Cap one products with low limits.
Incorrect. Paying on an account that has been charged off or sent to collections does NOT restart the reporting period.
Thanks hermit and LKH! I have already disputed this with TU on 3/11/02, I'll send a 15 day validation tomorrow. I just looked at the original offer letter and it clearly state "Capital One will report that your former account has been 'paid in full'" Thinking back I did not mail in my acceptance, I did it over the phone. Do I attach this to the 15 day or send a validation to Capital One with this notification attached. I will also contact Mr. Cooke on monday with this new found info. What are your thoughts?
Definitely incorrect, they can't reage accounts after payment... Mr. Cooke obviously doesn't know squat about FCRA. I had no idea Cap1 was getting into the debt purchasing/credit card transfer business like the Credit Store. Must be the new age of collections- can't help but feel like its just a big scam. A little disappointed Cap1 is doing this- I like them.
Ok had to chime in here. I called Mr. Cooke a few months ago asking for him to change my R9 rating to something lower, he agreed, but he would NOT send this in writing. About 30 days later it was fixed on EXP and EQU but TU never budged. I disputed with TU and it came back verified so I called Mr.Cooke he said he's look into it, I never heard from him, it was fixed for ONE month, then each month updated to paid charge off. I just PFB'd Mr. Cooke last week and told him my attorney has requested proof of this update being sent in on his end as well as a letter stating we agreed to this. It was fixed THAT day and then Mr. Cooke called to tell me it was fixed. What I am saying is maybe make mention of an "attorney" and state this attorney has mentioned these are extreme FCRA violations could get Cap One into a lot of legal trouble, then nicely say "I would hate to have to go to this extreme...etc etc.
