Just Completed Equifax Investigation
I just got the results from my dispute with Equifax. They DELETED 7 of 8 disputes completely and showed my judgement as RELEASED. I would imagine that since all of the disputed items were CHARGE - OFFS, that my beacon score has increased somewhat. I have one account that went past due for $208 about a year ago when I moved. CAP1, I have 2 other Cap1 accounts. Stopped receiving notice, wife was under impression she had paid the account off. Now a year later I get a call from collectors at my job saying that I have to pay $1400+ (late fees, collection fees, interest,etc). How can I resolve this as close to the original $208 as possible AND be assured that the negative reporting is removed from my bureau? I called CAP1 , they said that they CANNOT handle my account in house anymore because it has been sold. They wouldn't even listen to the story. Any help appreciated. Thanks
You know, when I moved a bunch of my statement went missing
I was able to get "1 time" waivers of the 30-lates that were reported.
I suspect Cap1 did not sell your account, just assigned it. In fact, Cap1 buys charged-off accounts from others and offers credit cards to the defaulting debtors--the catch being that the new card already carries the old balance on it ... at a suitably high (for Cap1) rate of interest. And of course, accpeting the card renews the debt and extends the statute of limitations for Cap1 to sue.
That being said, it may not be good news that Cap1 still owns the account. They're sue-happy, and yours happens to be above their threshold for suit. If the CA is not successful in cadging payment from you, Cap1 will pull the account back from them and evaluate it for suit. Or, perhaps they'll send it off to another CA or do that card offer. It depends.
But of all the creditors to have after you, Cap1 is one of less than a handful that are the most worrisome (the others being Discover and MBNA). Deal with them carefully (full documentation of what you'll do and what they'll do ... be sure to stick to what you say you'll do, but don't expect that they will without undue hassle), try to settle as soon as possible.
Hi toddm152,
I would contact the current agent who is handling the account for Cap1 and offer them $208 to settle the account in full and see what they say. If they agree I would also request a written statement from them which indicates they agree to your offer. Pay them off and report the payment to the bureau.
I hope this helps.
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"Now a year later I get a call from collectors at my job saying that I have to pay $1400+ (late fees, collection fees, interest,etc). How can I resolve this as close to the original $208 as possible AND be assured that the negative reporting is removed from my bureau?"
You must insist that they sign some sort of agreement contingent that when paid they will satisfy your credit reporting needs. This is a must.
If you think this was a buy out from a 3rd party you may push their buttons a bit by demanding that they send you a copy of the purchase agreement from the original cc company.
you may also ask them what federal statute gives them the right to sell an account under dispute without your permission.
If you really want to shake them up?....Ask them to send you an accounting statement from the original creditor of how much money they had been enriched by in charging fees on every transaction that you used this card for, without your permission?