Pulled my Equifax today and saw that Cap1 pulled an AR inquiry last month...here's the deal: I have a charge off from them in 1999 that NCO is collecting on. NCO has been $#@$^%^$ around w/me, not validating after 35 days, no green card, etc...then calling me 5-6 times 7 days a week even though I wrote and said don't do that. I posted this and people said to sue NCO for violations. My question, as a newbie, is...can Cap1 do an inquiry on an old charge off? Does NCO hold this debt, or what? Last activity on report was 1999, but the report says I have a $1002 balance...my 1 other charge off says 0 balance/profit & loss writeoff. Cap1 says charge off 120 past due...huh? Does this mean it was re-aged? Should I send validation to Cap1???? It doesn't say profiit & loss write off after the Cap1 account on my report. I am confused. I've only been doing this since May and have learned soooo much, but I still feel ignorant. Any advice is appreciated!!!!
I don't know if this is what is going on or not, but Cap 1 has in some cases come back years after a chargeoff and offered to open a new account, transferring the balance of the chargeoff to the card. If you take it, then pay it off, you get a positive trade line out of it. Also, if NCO is engaged in illegal collection actions, make sure you notify Cap One and tell them that if they don't take some action to stop NCO, you will consider taking action against them. There have been several threads in the last few days about the OC being held responsible for the actions of a CA collecting on their behalf. Do a search and some reading on it.
...I was thinking maybe that is what they were going to do, open a new card & transfer the charge off balance to it. I need a positive tradeline, so I'll bite at an offer, even though it means Crap1!!! NCO has been phoning day & night!
It "CAN" BACK-FIRE also...once it is PAID IN FULL (old debt)..they either change the terms or CLOSE THE ACCOUNT!!! BUT THEN IT "MIGHT BE A WIN-WIN" YMMV
George... when they've done this in the past (transfer to new account) does that delete the charge off tradeline? Also, do they report positive on the new account or do you pay it in full and they delete it? I'm guessing they CAN'T do that....but then, it is Cap1!
I am pondering one of those offers now from Cap 1 on a charge off of DWs. Its supposed to stay on her report for four more years so I'm thinking of taking the offer. Allegedly they will change the tradeline for the chargeoff to Paid in Full and then open a new TL with the charged off balance and $1 of available credit and you get $25 of avail credit for every $100 you pay I think... I just want to be sure of 2 things: 1) Will the old charge off be simply paid in full, and not paid in full after charge off or something that still shows the charge off history or 120+ day late. 2) Will the new tradeline start out as "over limit" and be accumulating overlimit fees... Anyone who has taken this offer and can respond would help us both! Thanks
