I have an account with Cap 1 that is charged off. I have a credit report from 03 that says the first time I missed a payment was 09/02. But when my mortgage lender ran my credit the other day, it said that ithe account was just charged off in 2005. I was sending letters to Cap 1 in early 2005 disputing the debt, trying to get a settlement (nothing was accomplished). I have 2 questions: 1) Can they report the debt as being charged off as recently as 2005 even though I haven't made a payment since 2002? 2) Am I just better off trying to settle? In 2002 the amount owed was $905, when I checked the other day it's now $1492. And it still seems to be going up every month
You could settle the account. I'd recommend that if you do so, agree to do so in exchange for a deletion of the chargeoff from your credit report. Make sure to get such an agreement from Capital One in writing! I haven't dealt with Capital One in the past, so I don't know if they'd be willing to do so, but if you assert that you'd be willing to pay the debt in exhange for a deletion, they'd probably be willing to work for you. The balance is probably increasing because of fees and interest, so the sooner you pay off the balance, the less you'll pay. Hope that helps!
Did you dispute with the CRAs? Did you send a request for DV to the OC?. Did you send your letters CMRR?. I know that sounds redundant but its usually asked and I,m sure you read it many times on the site... Anyway. I,m in the same boat. same OC..They seem to report the same way on old CO accounts.. I have disputed with CRAs.Came back verified.. I have sent out DV requests..So far have recieved nothing... Currently drafting up a 2nd letter to the CRAs.. I did notice on my reports that they did Not note it as (Comsumer diputes) on my reports.. Its to my understanding that it Violates FCRA Sec 623.. 1000.00 fine..Its like that on 2 reports. So double the amount....I,m waiting to see if they reply to my DV letter. Maybe another Violation depending on whats sent.. You should look at your reports and see if they have done the same thing.. Since I,m not in your shoes and trying to get a laon I cant tell you to settle or what..I know your frustrations with them..For me I,m fighting back. Hopefully one of the Vets here will ring in and give advice. Good luck. frioguy
"I have a credit report from 03 that says the first time I missed a payment was 09/02." What's the date on the '03 credit report? How is the account listed?
I've done the cmrrr thing and sent the Dv letter. I got one response from the Dv letter that was a copy of an old bill and the amount owed was around $500. I received that in early 05. The old CR is from 03/2003 and the account is listed as open. Since I've been using Creditnet I'v really improved my scores, but the only thing that still comes back to haunt me is the three accounts that I've never settled with.
They are required to report the date of delinquency within 90 days of placing the entry on your credit report. This will ensure that the CRA's will use the correct date for the 7 year reporting period. FCRA § 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2] (5) Duty to Provide Notice of Delinquency of Accounts (A) In general. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the date of delinquency on the account, which shall be the month and year of the commencement of the delinquency on the account that immediately preceded the action.
