I have 3 accounts with Cap1 currently showing Chargeoff on my credit reports. I have been in contact with Capital One 5 times to try to pay this directly (not through the Collection Agencies). They will have nothing to do with direct payment. These 3 accounts originaly had limits of $200/$250/and $300. The balances are now around $985 (average) each. Cap1 states that even if it is paid off, they will continue to report it as a PaidChargeoff for 6 years and 11 months after the DOLA (11/2003). All that taken into effect, that pretty much ruins my Credit Rating for the next 6 1/2 years. Not that I would do it, but what type of hit would I take if I dec'd bankruptcy? How would that change my situation. My current score is 525, the 3 above are my only negs. I have high ultization %, because 1 only have 1 card w/ a low limit. Any idea's regarding this whole mess would be appreciated. Thanks!@ Brian
Yeeks, am I reading this right? The accounts were charged off only about 6 months ago and they've already more than tripled??
-Just out of curiosity, WHY are you dealing with Cap One of they have "Assigned or transferrred" the debt? "Cap1 states that even if it is paid off, they will continue to report it as a PaidChargeoff for 6 years and 11 months after the DOLA (11/2003)" -The date of last activitity IS NOT the date by which the 7 year reporting period starts. The original date of delinquency PRE-CEDING the charge off is the date by which the 7 year reporting period starts -THIS would be a great reason to send a DISPUTE to the credit reporting agency DISPUTING the date of oringal delinquency and NOT "its not mine". -BK seems a little harse for 3 negs -IS and WHEN another colleciton agency contacts you, send a validation request (within 30 days) to the collection agency requesting an "accounting" to explain the balance.
The CRAs can only include chargeoffs and related collection accounts on your credit profile for 7 years (and maybe 180 days more) from the DATE of ORIGINAL DELINQUENCY. Whether you keep paying on the charged off or collection account does not change this. What was the date of the FIRST DELINQUENCY which eventually led to the chargeoff?
Re: Re: Bankruptcy or Chargeoff? Does the OP even know the date of original delinquency as reported by the OC and CA? Experian, for one, does not publish this item on the consumer version of its reports. You have to actually call and ask for the date of original delinquency. We can't assume that just because the open date or the DOLA are recent that the CA has actually reported the DOOD (date of original delinquency) wrong!
One more thing... They can report for the next eleven thousand years if it makes them happy, but the CRAs cannot include it on your credit profile for longer than 7 years past the DOOD.
