Credit Card co. won't update my credit file

[chasman]

What is the name of your state? I am in Florida.
November 31st 2002 i paid off a charged of credit card account through a collection agency representing capital one. When I received a updated credit report dec31st 2002 capital one had updated the account and reported the account still open and past due $4000. I contacted them and they say I haven't paid when i have a satisfaction letter from nco attorney network saying the account is settled in full. Can I sue nco attorney network or the credit bureau or capital one or all of the above for damages.

 

[JasonRT]

Dear Chasman -

I suggest you do the following:

1) Contact Capital 1 and advise them you have a satisfaction letter indicating the account has been fully satisfied. Ask them where you can fax **AND** mail a copy of the letter. Fax a copy immediately and send another copy via certified mail (RRR) to their mailing address. Include a letter demanding they update their records and your credit bureau.

2) Contact NCO, when they answer, ask the receptionist for the number for Corporate Compliance. Advise the compliance officer that you have paid their company in full, they have failed to properly notify their client, and find out where you can provide them by fax AND mail a copy of the satisfaction letter. Include a letter to NCO advising them that if their client doesn't update their records you intend to file suit against them to recover all monies paid together with interest, court costs, and reasonable attorney fees.

3) Contact each credit bureau to where your account is reported delinquent and open and enter a dispute as to the status of your account. They will provide you an address where you can supply a copy of the satisfaction letter.


Sorry to hear you are going through this. You are dealing with two reputable companies though that have made a mistake - and you can rest assured that if you do what I've asked you they will both correct their records.


Good luck!


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[bigun]

And to add to Jason's comment. Settled in full is a derogatory statement and will do little if anything for your credit scores. You really have no damages.

 

[JasonRT]

You should still work to get your record corrected. It will look better to second chance auto lenders, mortgage companies in a few years, etc...

It's always better to have the account shown as satisfied as opposed to outstanding.



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[Ladynred]

I must disagree with Jason on one point - NCO is FAR from reputable. They may be big, but they aren't reputable. They use gorilla tactics, abuse the FDCPA right and left as well as the people they attempt to collect from, and have a very bad record with the BBB. My own experiences with them I already have them cold on FIVE blatant violations of the FDCPA.. they rack up more with others.

 

[chasman]

So if I send the letters and cap one stilldoesnt update their records ten are there not any penalties for companiesthat miss reprt. And bye the bye if you think cap one and nco are reputable i hope you never get behind in your payments because you will see the other side of those companies, they charge off theacont and then start ading intrest after the account has been charged off. nco uses threats. I thoughtthere were penalties for misreporting on someones credit bureau.

 

[bigun]

Yes, if they don't report accurately you have the right to sue under the FCRA. However, negilient noncompliance {we made a mistake} is a defense and to get any award you'll have to show damages and paid settled is derogatory. I really doubt you're credit scores will improve.
But, I'm sure when you bring it to Cap 1 and NCO's attention they'll make the correction.

 

[JasonRT]

chasman,

Rather than ranting and raving about these companies - why don't you follow my advice and get the problem solved. I provided you very specific direction to clear up your problem - get it done.



Ladynred,

NCO employs 7,000 collectors. They each make an avergage of 150 - 220 calls per day. In those calls they contact many debtors like yourself who want to blame the collection company for their own bad financial management skills. People complain to the BBB. So what? When was the last time you checked with the BBB before being turned over to a collection agency. They get your business whether you want them to or not. Handle your finances properly and you won't have to deal with debt collectors.


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