Complaint Review: Capital One Bank - Salt Lake City Utah

The collection agency/attorney may have told you that the entries would be deleted, but unless you got it in writing, you don't have any recourse. In addition, even though you have settled the account, Cap 1 will continue, every so often, to "update" your credit report with a new reporting date, but still keep everything else the same. Everytime they update your reporting date it does not help your score. Even though it is an old debt, part of the scoring method uses the reporting date too. In other words, if they did not keep updating the reporting date, the score would gradually go up as the debt gets older. However, since Cap 1 periodically updates the reporting date, you score does not go up until it falls off your report after the 7 years. I have an old Cap 1 account that I settled in 2003, and every 3 months they update my credit report with a new reporting date.

It's true - qualified endorsements don't always do anything for you. You would really need to check your state law. You can't just write whatever you want and call that a contract. Aside from that, just because you eventually settled the debt doesn't mean you weren't severely delinquent or that your account wasn't originally charged off. Paying back the money you owe doesn't - nor is there any reason to think it should - erase the bad marks from your credit. You did the damage, and have to live with it until it falls off your report, usually in 7 years from the last activity associated with the account. It sounds like it really was handled 2 years ago - that is, you paid and they stopped saying you owed. The shadow of that time in your life just follows you on your credit report for a while. Doesn't sound like there IS anything to clear up on your credit report (you were late, so the info is accurate), so there probably is nothing they can do. >In my conversations with them they told me they would report immediately to >Capital One, which they did. This was supposed remove anything related to >Capital One from my credit report from all 3 agencies. That's the misunderstanding (or I guess it could be misinformation, but I doubt it) - the collections agency reporting to Capital One would mean Capital One would then report to the bureaus that your account was then paid in full, but I've not heard of a situation where paying off a bad debt will erasing bad marks from your credit history.

It's true - qualified endorsements don't always do anything for you. You would really need to check your state law. You can't just write whatever you want and call that a contract. Aside from that, just because you eventually settled the debt doesn't mean you weren't severely delinquent or that your account wasn't originally charged off. Paying back the money you owe doesn't - nor is there any reason to think it should - erase the bad marks from your credit. You did the damage, and have to live with it until it falls off your report, usually in 7 years from the last activity associated with the account. It sounds like it really was handled 2 years ago - that is, you paid and they stopped saying you owed. The shadow of that time in your life just follows you on your credit report for a while. Doesn't sound like there IS anything to clear up on your credit report (you were late, so the info is accurate), so there probably is nothing they can do. >In my conversations with them they told me they would report immediately to >Capital One, which they did. This was supposed remove anything related to >Capital One from my credit report from all 3 agencies. That's the misunderstanding (or I guess it could be misinformation, but I doubt it) - the collections agency reporting to Capital One would mean Capital One would then report to the bureaus that your account was then paid in full, but I've not heard of a situation where paying off a bad debt will erasing bad marks from your credit history.

It's true - qualified endorsements don't always do anything for you. You would really need to check your state law. You can't just write whatever you want and call that a contract. Aside from that, just because you eventually settled the debt doesn't mean you weren't severely delinquent or that your account wasn't originally charged off. Paying back the money you owe doesn't - nor is there any reason to think it should - erase the bad marks from your credit. You did the damage, and have to live with it until it falls off your report, usually in 7 years from the last activity associated with the account. It sounds like it really was handled 2 years ago - that is, you paid and they stopped saying you owed. The shadow of that time in your life just follows you on your credit report for a while. Doesn't sound like there IS anything to clear up on your credit report (you were late, so the info is accurate), so there probably is nothing they can do. >In my conversations with them they told me they would report immediately to >Capital One, which they did. This was supposed remove anything related to >Capital One from my credit report from all 3 agencies. That's the misunderstanding (or I guess it could be misinformation, but I doubt it) - the collections agency reporting to Capital One would mean Capital One would then report to the bureaus that your account was then paid in full, but I've not heard of a situation where paying off a bad debt will erasing bad marks from your credit history.

It's true - qualified endorsements don't always do anything for you. You would really need to check your state law. You can't just write whatever you want and call that a contract. Aside from that, just because you eventually settled the debt doesn't mean you weren't severely delinquent or that your account wasn't originally charged off. Paying back the money you owe doesn't - nor is there any reason to think it should - erase the bad marks from your credit. You did the damage, and have to live with it until it falls off your report, usually in 7 years from the last activity associated with the account. It sounds like it really was handled 2 years ago - that is, you paid and they stopped saying you owed. The shadow of that time in your life just follows you on your credit report for a while. Doesn't sound like there IS anything to clear up on your credit report (you were late, so the info is accurate), so there probably is nothing they can do. >In my conversations with them they told me they would report immediately to >Capital One, which they did. This was supposed remove anything related to >Capital One from my credit report from all 3 agencies. That's the misunderstanding (or I guess it could be misinformation, but I doubt it) - the collections agency reporting to Capital One would mean Capital One would then report to the bureaus that your account was then paid in full, but I've not heard of a situation where paying off a bad debt will erasing bad marks from your credit history.

A good faith settlement would be trying to meet the party in the middle, not dictate terms of a settlement. I would think a judge wouldn't like that kind of stuff. Check endorsement restrictions aren't being accepted that much anymore now that many companies have a machine that opens the mail and processes the deposit.

and on the back and front of the check make your condititions known to them. I have in the past send final payment and on the check I always add to the check the following or something similar to the following. I am forever released from any and all further obligations and the company shall remove any and all negative credit from any and all credit reporting agencies and I owe no further obligations upon this settlement of payment to the orginial creditor now or ever. This works for me and if they choose not to accept the check I merely tell them that they wont get any other check from me. I further tell them not to call me and you can take me to court and I will show the judge that I made a good faith effort and they refused my payment. I never believe in paying more than I had to in life.