I have 3 collection accounts - (All three are cap1), and I have been trying to get cleared up (The total of all 3 accounts is around $2300 (after FEES)). I read the whole "Never deal with a CA" thread, but at this point (I have gone the validation route, and have been sent back copies of the statements) I called CAP1, and there only response is: These accounts have been placed into third party collection agencies, we have no authority (or interest) in taking them back. My question: I am in a position to pay these accounts, however, I need to know the following: Does the CA have the power to remove the complete trade line? I am not going to settle the accounts and have 3 neg's for 7 years. If the accounts are settled for less than the original amount, can I still negotiate for deletion of TL? What type of letter do I need back from them stating their intentions on deletion? Thanks in advance (and for all the help I have gotten from this community!!!) Brian
yes, and yes. I'm almost sure they can do just about anything they want, although they will say they cant. Have you checked the SOL? If the SOL is not up, chances are theyre going to be less likely to bargain with you. Also if you are going to settle with them, make sure you dont tell them anything(like you are trying to buy a house, etc.), otherwise your negotations will go nowhere. As to the type of letter, do a search because I've seen many others with the same questions. Good Luck
I know the SOL is still in effect. (DOLA was last year). Thanks for the input, I will try to work with the CA's. Thanks again!!! Brian
also try searching for your situation on the site, and search to see if others have dealt with that CA before.
"Have you checked the SOL? If the SOL is not up, chances are theyre going to be less likely to bargain with you. Also if you are going to settle with them, make sure you dont tell them anything(like you are trying to buy a house, etc.), otherwise your negotations will go nowhere. " -SOL HAS NOTHING TO DO WITH CREDIT REPORTING -SOL ONLY sets the time period during which a debt can be persued in COURT. -When was the original date of delinquency?
Thats the most frustrating fact. 2 accounts show CO on 2/2004, the other still shows 120+ but C1 wont work with any of them. Here is a copy of the PFB conversation: I have been posting this on every message board I can find to get some help. I think that someone there must be able to help. These accounts #ACCT1 #ACCT2 #ACCT3 all started with credit limits between $200-$250, and the highest one at the end was $500.00. I have had 3 years with capital one, and only had a problem for 120 days. I am at a point now, where I can take care of these accounts (read: pay), but in the last months, they have been with at least 5 different collection agencies. I can't even keep them straight. Also, paying the collection agency will leave me with 6 years and 11 months before I can live a normal live again. I hope you can re-consider and review this email, or possibly pass it on to another department for review. At this point, all I want to do is PAY CapitalOne, and if these accounts are swiched from Collection Agency to Collection Agency, I can't imagine why you don't want to get paid without giving 50% to a middleman. Please let me know. BrianH ----- Original Message ----- From: "Capital One-Web Information" <webinfo@capitalone.com> To: BrianH Sent: Tuesday, March 23, 2004 3:21 PM Subject: Re: Consumer Feedback to Capital One Financial from BrianH Dear BrianH, Thank you for contacting Capital One. We appreciate your desire to make payments to your accounts. We regret that if our representatives were unable to make payment arrangements, we are unable to assist you further via e-mail. At the end of each month, the credit bureau is sent an update on the status of your account. It is our policy to report all past history on your account for 6 years and 11 months; after this period any derogatory information is purged from your file. We regret any inconvenience this may cause you. Sincerely, S. Whitfield eCorrespondence Capital One Services(R) Visit us online at http://www.capitalone.com, where you can access valuable products and services. Original Message Follows: ------------------------- Type of Feedback: Question Feedback Category: Billing/Payment BrianH has elected to use PlanetFeedback -- the nation's leading consumer feedback service -- to communicate with you. PlanetFeedback offers best-in-class tools to help companies generate intelligence from consumer feedback. If you would like information about our feedback solutions or Internet-monitoring services, please contact us at 1-888-333-3222. Thanks! ============================================== March 23, 2004 TO: Richard D Fairbank, CEO Capital One Financial 2980 Fairview Park Drive Suite 1300 Falls Church, VA 22042 FROM: [personal information deleted at Creditnet member's request] RE: PLANETFEEDBACK REFERENCE NUMBER xxx Dear Mr. Fairbank, I am writing with a question about the billing or payment at Capital One Financial. I really need some help. I have (3) Capital One accounts. All three are in collections. 2 are listed on my credit report as Charge Offs, the other is listed as 120+. I would like to pay these accounts, but while talking to Cap1, I talked to: Customer Service, Collections, and Recovery with no help. The balances on all the accounts were under $500 initially, and having these (3) accounts on my credit report destroys any chance of leading a normal (monitarily speaking) life. I can pay these accounts, but at this point, if I pay any 3rd party collection agencies, it would not benefit me, as the charge off's would still be listed on my report. The best possible outcome would be to transfer the 3 balances (including fee's) into 1 account, and making (substantial) payments until it is payed off. I could start with these payments immediately. Please also feel free to let me know any other options that involve dealing with Capital One directly. Thank you for considering my query. I look forward to your response. Sincerely, [personal information deleted at Creditnet member's request]
Cap One doesn't really have anything to do with how the CAs report. Although they can legally report for seven years, many people here find that once they're paid, they have little incentive to report. Therefore, after a while you can dispute with the CRA, the CA doesn't verify, and it's deleted.
