Re: How to handle charged-off Cap One account

Posted by Why Chat (209.240.198.61) on October 31, 2002 at 15:21:40:

In Reply to: How to handle charged-off Cap One account posted by Phill on October 31, 2002 at 09:53:13:

"Fenrir" is correct in almost everything , EXCEPT-- if the "charge-off date" is 12/98, the first delinquency date (when the SOL starts) would have been several months earlier. You can tell from your Experian report, which posts the "removal" date,deduct 3 years from THAT date and you will likely see 09/2002 or earlier.

You probably are thinking, "but I want to settle this, and pay it off so it will come off my credit report". Unfortunately, the way the system works, if you contact the collection agency and try to "settle" you will RUIN your credit.Even if you paid them IN FULL it would be shown as a paid collection for another 7 years, if you "settle" it is worse, they resell the balance to another ca, who in turn will report it for another 7 years.

You DO NOT want to reopen the account with Cap.One- it isn't them really, it is the CA with an "offer" to get you back with Cap.One if you pay a % of this STALE legally uncollectable debt.

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