I have a Providian account which was charged off in 2001. I contacted Providian regarding a settlement. I was told (via letter on co. letterhead) that my account was SOLD to Capital One and I would have to contact them for settlement. I went back to old credit reports and I have a Cap1 account which I disputed back in February because it was not the account I had with them (did not know the Providian was sold) and requested validation. In parallel, I was receiving notices from RMA regarding the same debt. I sent them letters for validation. RMA tried to continue to collect w/o providing the validation requested. I, then, sent letters to Cap1 letting them know the violations RMA was acquiring on their behalf. After that letter, I received a letter from Westmoreland (division of Cap1) that the account was being deleted and I would not be bothered again. Subsequently, I disputed with all 3CRAs and they were deleted. (yea!) My issue: I know the original creditor (Providian) can still list the account on my report. However, doesn't it need to be updated to reflect the SOLD status with a ZERO balance? I am thinking of sending them another letter to do so. Additionally, the recent letter from Providian stated that they were forwarding my settlement offer to Cap1. What do I do now?? I know the CRAs have to notify me when it is re-inserted. Should I wait to see if they do and if they don't I have them on violation (pay Cap1 w/settlement $$ from CRA). I am looking to purchase a home in the next month or two and this is the heaviest burden on my report (outside of Midland, but I intend to sue them).
Yes, I would definately send Providian a letter saying that the information they are reporting is incorrect. If they sold the account then it should have a $0 balance. I would definately keep a watch of your reports to make sure that Cap1 doesn't reinsert the TL I had a similar problem with Providian. I was an AU on an account that went to charge-off. This was DH's account and he has since paid the account to the credit store who gave him a new CC with the balance from the Providian card. When I disputed the Providian on my report because it was still showing a balance (disputed as "not mine") they came back and updated it to a $0 balance but then showed it as $800 past due as of 4/2003, yet they said it was sold in 7/2002. It dropped my score by 20 points. I called up EXP and said, it isn't possible to be late in 4/2003 when the account was sold in 7/2002. After a little bit of arguing, they finally removed that notation, of course, it didn't help my score at all. Just keep on them. They will eventually get it done. They have changed the account on DH's reports for EQ & TU to paid/paying as agreed r1 status. I don't think they have a clue. paw67
I faxed my letter to Providian this morning. I will update the status...... Question - can I send the letter from Providian to the CRAs and request update. I think many people were getting different answers from the CRAs if they will accept this type of documentation (although the statues say they can).
My issue: I know the original creditor (Providian) can still list the account on my report. However, doesn't it need to be updated to reflect the SOLD status with a ZERO balance? msbandit\ =============== Yes. How is it listed now? THE END ** *** ** LB 59
Currently, it is listed - Written-off/bad debt - Bal$2953. I received a letter from Providian (Assistant to the VP of Credit and Collections) that they were requesting from all CRAs to update the tradeline to Sold/0 Balance. Question - is this better than Written-off/Bad Debt? Also, I was going to dispute the account in a month with all CRAs after I have received verification that the tradeline has been updated. Hopefully, I can get it removed.
Could you post the contact info for that VP at Providian? I would like to contact the person with an issue I have with them. Thanks
Providian National Bank PO Box 9076 Pleasanton, CA 94566-9076 ATTN: Chaomei Chen, VP of Credit and Collections
6/23/03 - UPDATE[/] Received TU report: Under section" Accounts Are Reported With No Adverse Information Providian Acct# xxxxxxxx Purchased by Another Lender Balance $0 Most Owed $3203 Status: Paid or Paying as Agreed Udated on 6/2003 WOW--I am looking at Providian in a new light. *whew* Glad to have gotten that off my bad list. Now I am still battling MCM, the last derogatory on my report!
