Capital One has put a derogatory account on my credit file! 5 months ago, Capital One contacted me by letter stating they purchased a chraged off debt from Providian. They of course offered me the "opportunity" to get my credit back on track by accepting the agreement to open this balance into a new Capital One account. Well, I did. Now 4 months later, Capital has decided to report a derogatory to my file. This account they show has a different account number than the Prov. or the Cap 1. It says chrged off. It says profit and loss write off. All of which looks like this happened with Cap1. It also shows the reported date as 12/2003. Although this was not on my file last week or last month or the month before! I talked to Mr. Cooke today who basically said that they by law have to report any true info. I asked what law and he didn't know but that it is their own ethics policy to do so. I asked him to delete it because first of all it is misleading...looks like another account for christs sake! Second of all, it says charged off and written off. I asked why it says that when I never had another account with them before. He said it is reflecting the Providian account. I asked how would someone know? I asked how the FICO scoring algorithm knows? He said that he would ammend them with the CRA's to reflect that the account was originally from Providian. I am still upset and I don't like where this puts me now. My scores have all dropped by at least 20 points because of this. Nowhere in their warm and fuzzy letter does it state that "We at capital One would like to transfer your CO Providian account into ours to establish credit. We will then 4 months later destroy your credit by adding another TL to your report that is redundant and completey without merit." For this, Capital has earned another enemy. Rest assured I will fight this tooth and nail. Mark my words readers of this post, "I bet $100 that they cancel my account out with them once crap starts hitting the fan." If they don't I will be very surprised. Mr. Cooke better start coming up with some better answers. His reputation with me is diminishing. SnakeMan
He's full of crap. The law says " All information reported to the CRA's must be accurate" it does not say the MUST report everything.
What I want to know is how to get this "new" old hunk of crap off my report. My credit reports are almost...........almost resembling someone with good credit.
1*5 months ago, Capital One contacted me by letter stating they purchased a chraged off debt from Providian. They of course offered me the "opportunity" to get my credit back on track by accepting the agreement to open this balance into a new Capital One account. 2*Well, I did. snakeman ================ 1* This is an old scam of crap ones. 2*I'm surprised you fell for it as much as has been posted here warning against falling for this offer. Sadly you're not the first and probably not the last. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: WTF!? I am sooo mad right now! Frankly... I don't know that it really is a scam... assuming you know what you're getting in to. In the case where the debt really is yours and you want to do the right thing and pay it off I think that this would be a much better option than just paying a CA. At least in this case you wind up with a credit card with a decent payment history when you're done. Now, if the offer was worded such that you didn't realize that you were agreeing that your old debt would appear on your new credit card, then I would call it a scam, but in this case snakeman clearly knew what he was getting into. On the other hand, I'm not sure where this other tradeline came from. It appears to me that capital one is reporting the same debt twice - once on the new card that snakeman opened and once on the new tradeline. That doesn't seem right. Unfortunatly, other than trying to reason with capital one I have no suggestions. Brett
Re: Re: WTF!? I am sooo mad right now! I agree it's not a scam. And a lot of people took it, eyes open, knowing that they would repay the debt and get a good tradeline out of it. I would think about suing Cap One for reporting information that is not theirs. If they are reporting the old debt of Providian's like a CA would, they should have treated it like a collection. They gave the impression that you would come out in a better position. I'm not sure how they can report someone else's debt unless they are the CA for it. I'll have to think this through a little bit. Is Cap One licensed as a CA? Did the initial mailing have the mini-miranda on it?
Re: Re: WTF!? I am sooo mad right now! Westmoreland something something is alegledly owned by Capital One, this is their agency that will purchase the debts from another creditor and have you accept a card with $1 available credit and terms that you signed for in the agreement. I have accepted two of these cards already, of course they are past the SOL, just out of curosity and to see if they would actually send a card. One of them was a charge off 10 years ago from Direct Merchants Bank for $900.00. They offered me $1 available credit to start and for every $100 i paid i would get $50.00 in available credit up to a maximum limit of $300.00. So i took the card and never made a payment of any sort. After 3 months received another letter from the Westmoreland Agency stating since I did not make a payment they were closing the account and no negetive information would be reported to the CRA. 2 weeks later, received another offer from Cap 1 with the Westmoreland letter inside stating that I would have $300 available credit to start, with the balance of $900.00 transfered to a special account that would not accrue any interest. If I paid 50% of the $900.00 balance at the close of the next billing cycle, my limit would increase by $450.00 and by account with the CA would be paid off. So it got the best of me, and I did it. 30 days later a $750 credit line, the old tradeline could never be reported again, so what the heck. Now six months later the limit is $5,000. So if they can play you, you can play them. I do think the age of the account has something to do with the terms that they can offer.
Re: Re: WTF!? I am sooo mad right now! LB, while you've been helpful some of the time, posts like this do absolutely nothing but make the original poster feel worse. Snakeman, I don't think you 'fell for' anything. I probably would have done the same thing a few months ago, and maybe even now. And I've been reading these boards almost every day since May. I havent seen anything about this sort of thing from Cap One on here, (not saying the info isnt on here, just that I havent run across it.) also, I actually like Cap One, so I'd probably trust them if they made me an offer like that. Thanks to this post, I'll know better tho. So will a lot of other people. Have you thought about posting this situation on Planet Feedback?
Re: Re: WTF!? I am sooo mad right now! There were some posts about this here, but they are probably over a year old. As I said, I don't think it's a scam. I don't think they should be reporting Providian's old line. The more I think about it, the more I think it's up to Providian to report that. If Cap One bought it, I guess they could report it. But if they didn't disclose that they would report that, it's not the right thing to do. I agree PFB is a place to start. So is the BBB. Although I don't personally like Cap One, I think they're a legitimate business that would respond to a complaint. I don't know if Cap One is a national bank or a state bank. I think they're chartered in Virginia, so there may be some Virginia state agency that could help as well. You have to learn to take lbrown59 with a grain of salt. While some of his advice is good, I often think he replies just to reply.
Re: Re: WTF!? I am sooo mad right now! Thanks for all your suggestions folks. What I am still mad about though is Cap1 reporting someone elses TL. Providian already rose to the challenge of putting the CO derog on my report. Apparently Cap1 thinks that wasn't enough and has added their own which makes it look like I had a charged off cc with Cap1. See my point? That freaking TL needs to be removed. If I sent a dispute to Cap1 for that account I wonder what would happen. Would the CRA verify an account thatnever was? After all, they only match up SSn to SSN and name to name and so on. Of course they will have that info, but what about that supposed account? This whole thing pisses me right off. I can't stop thinking about what a fool I have been for assuming that this was gonna help me. They need to put a disclaimer in their offer to people like (and I told Mr. Cooke this too), that says this... "Please note: While Capital One has purchased this debt of yours and is offering to help you rebuild your credit, please be advised that we will eventually make your score worse by reporting the OC's TL again just to f*ck with you." "Thank you for letting Capital One make your bad situation...worse." What should I do folks??? SnakeMan
Re: Re: WTF!? I am sooo mad right now! It is a scam and a CN'er filed a lawsuit over it. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=42380 The lawyer is Daniel Edleman at www.edcombs.com Click on the "special" tab at the top right and scroll down and you'll see they are seeking info on this deal.
Re: Re: WTF!? I am sooo mad right now! 1*As I said, I don't think it's a scam. You have to learn to take lbrown59 with a grain of salt. While some of his advice is good, 2*I often think he replies just to reply. Hedwig ================= 1*It is a scam and a CN'er filed a lawsuit over it. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=42380 The lawyer is Daniel Edleman at www.edcombs.com Click on the "special" tab at the top right and scroll down and you'll see they are seeking info on this deal.keepmine Seems like here are some who agree with me. 2*Don't look like it from this. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: WTF!? I am sooo mad right now! I went to that law firms site and gave my contact info. I'll wait to see what they can do for me before I do anything myself for this. They also look like the type of law firm tha I have seen some people on this site looking for. They represent consumers regarding the very laws we discuss daily here. I don't know anything about them yet, but they might be worth checking out. I'll post my response from them here when They get in touch with me. SnakeMan
Re: Re: Re: WTF!? I am sooo mad right now! giggle, We know all about em snake. They may look at your case but they do have a tendency to be rather busy, if ya know what I mean. I believe you have a case. Detrimental Reliance. You relied upon something C1 told you and acted on what they said. Only to later find out that it was to your detriment. Breach of contract thing sorta. If one does this purposefully and with foreknowledge, or reckless disregard for a foreknowledge they should have had, it becomes a fraud case. Fraud vitiates ALL contracts as "still born". Dead from the start. Go to google.com and then to advanced search. In the "exact phrase" window type: fraud vitiates all contracts and detrimental reliance This happens all the time with C1 tho. The problem is that the debt is now 2 separate accounts. You had the old debt, purchased by C1, and then signed a new agreement where they simply transfered the liability to the new account. So they're not reporting the same account twice, as it appears. This also restarts the SOL. It's actually rather slick thinking on their part. Also, since C1 bought the account from Prov. it'd be my guess they'd play holy hell trying to validate. You haven't been around here all that long but I think you're doin fine. You've accomplished a lot in a short time. You, as well as all of us, should expect an occasional set back. It's just the natural progression. Stick with it pardner, you'll get there. .
Re: Re: Re: WTF!? I am sooo mad right now! Their assertion that this will help you with your credit, your reliance upon same, and then the subsequent damage may provide all 6 elements of fraud. Here's a primer: http://www.constlaw.org/papers/coats11.pdf I. THE BASICS OF COMMON-LAW FRAUD. The Six Elements of Actionable Fraud Although parties fail to fulfill their contractual obligations every day, the mere failure to perform a contract is not, in and of itself, evidence of fraud. Schildler v. AustwellFarmers Coop., 841 S.W.2d 853, 854 (Tex. 1992). Nevertheless, common-law fraud is alive and well in the state of xx. The general rule in xx regarding the mandatory elements of actionable fraud requires a showing of the following six elements: (1) a material representation was made; (2) that it was false; (3) that when the speaker made it he knew it was false or made it recklessly without any knowledge of the truth and as a positive assertion; (4) that he made it with intention that it should be acted upon by the other party; (5 ) that the other party indeed acted in reliance upon it; and (6) that the other party thereby suffered injury. Stone v. Lawyers Title Ins. Corp., 554 S.W.2d 183 (Tex. 1977); Southwestern Indemnity 2Co. v. Cimarron Ins. Co., 334 S.W.2d 831 (Tex.Civ.App.--Waco1 960), rev'd on other grounds, 161 Tex. 516, 344 S.W.2d 442;Formosa Plastics v. Presidio Engineers, 41 Tex. Sup. Ct. J. 289,* 6 (Tex.), 941 S.W.2d 138, (Tex. App.--Corpus Christi, 1995,application for writ of error granted); Eagle Properties, Ltd.v. Scharbauer, 807 S.W.2d 714, 723 (Tex. 1990); Custom LeasingInc. v. Texas Bank & Trust Co., 516 S.W.2d 138, 143 (Tex. 1974).Having listed the six elements of actionable fraud, each shallnow be discussed in closer detail. .
Re: Re: Re: WTF!? I am sooo mad right now! As always Butch, thank you. I'll wait 'til I hear from the law firm mentioned earlier. SnakeMan
Re: Re: Re: WTF!? I am sooo mad right now! Nonsense. This situation has happened to posters more than once and has been discussed on this board. You weren't paying attention. I think jlynn said it could not be done without the creditor stating in writing that they would do the very thing Snakeman is complaining about. Knowing the terms, he still accepted it. People don't pay attention and then they get upset and rail against the creditor when they did it to themselves.
Re: Re: Re: Re: WTF!? I am sooo mad right now! I didn't see anything stating that they were gonna re-report info that Providian had already reported. WTF are you talking about? I guess I may not follow you. Are you referring to me in this last paragraph as "people"? SnakeMan
Re: Re: Re: Re: Re: WTF!? I am sooo mad right now! You've been on this board long enough to know about this scam. I posted on it myself. At least they were up front with you that they had purchased your old account and then re-aged it. No, actually YOU allowed them to re-age it by opening up another account with Capital One and allowing them to transfer the old debt into it. You keep saying that they are "reporting what Providian has already reported," why shouldn't they? They bought the debt. You opened the gate for them to report it. A CA may report any negative information for a period of 7 years
