If you’ve fallen behind on your Capital One credit card payments your account may have been sent to collections. Your payment history has a significant effect on your credit score, which can impact your ability to borrow money in the future.
The best course of action is always to pay your credit card on time to avoid having it sent to collections. But if you’re already past this point, there are still steps you can take to avoid further damaging your credit.
Who is Capital One?
Capital One is a bank and credit card company located in the US.
You may see them listed on your credit report as a collections account. This can happen if you defaulted on a Capital One credit card.
How can I remove Capital One Collections from my credit report?
Collections can hurt your credit score and remain on your credit report for up to seven years regardless of whether you pay it or not. Unfortunately, paying the collection could even lower your credit score.
However, it is possible to remove a collection account from your credit history before seven years.
(While debt collectors may not want this information to be widely known, it’s your right to be informed.)
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In addition to collections, they can help you to challenge other inaccurate, unfair, or unsubstantiated information on your credit report. These items include inquiries, late payments, charge-offs, foreclosures, repossessions, bankruptcies, and more.
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Capital One Contact Information
Address:
Capital One Financial Corp
1680 Capital One Drive
McLean, VA 22102-3491
Mailing Address:
Capital One
Attn: General Correspondence
P.O. Box 30285
Salt Lake City, UT 84130-0287
Phone number: (877)383-4802
Will Capital One Collections sue me or garnish my wages?
Capital One has the legal ability to sue a debtor for nonpayment of debt. If a consumer fails to pay their credit card bill for a prolonged period, Capital One can take them to court.
If they sue and win the case, they will obtain a judgment against the debtor. Depending on the state laws, a judgment might enable Capital One to garnish wages, levy bank accounts, or even put a lien on property. The specifics can vary widely, so it’s important to be aware of your specific state laws.
How to Remove Capital One Collections From Your Credit Report
It is possible to have Capital One collections removed from your credit report. Listed below are seven ways you can begin the process to remove Capital One collections.
1. Check all three credit reports
Before you contact Capital One, you’ll want to find out the extent of the damage. You can request a copy of your credit report from the three major credit bureaus:
- Experian
- Equifax
- TransUnion
Sites like AnnualCreditReport.com can send you a free copy of your credit report without negatively affecting your credit. You’ll want to take note of the creditor, the date it was listed, and any other important details.
2. Find out who owns the debt
Once you have a copy of your credit report, you’ll be able to see who currently owns the debt. You need to find out if Capital One still owns the unpaid credit card debt or if they sold it to a collection agency.
If your credit report lists the debt as a “charge off” then Capital One most likely sold it to a collection agency. If it’s listed as “unpaid” or as a “collection” then Capital One probably still has the debt.
3. Validate the debt
Once you find out who owns the debt, you should ask them to validate the debt. This is a good idea even if you’re planning to eventually pay the debt in full.
According to the Fair Debt Collection Practices Act (FDCPA), you have the right to ask a collection agency to validate the debt. This forces the collection agency to prove that the debt is yours and that the collection agency is authorized to collect on this debt.
Once you send the collection agency a letter asking them to validate the debt, they are required to respond to you within 30 days. If they fail to respond, you can contact the Consumer Financial Protection Bureau (CFPB) and file a complaint.
4. Negotiate with Capital One
The next step you should take is to try to negotiate with your creditor. If you’ve already paid the Capital One account in full, then you can request a goodwill adjustment. You can do this by either calling or sending a certified letter to Capital One.
But keep in mind that Capital One doesn’t have to agree to this. You will have more luck if there was some kind of extenuating circumstances that caused you to make a late payment.
5. Negotiate a “pay for delete” settlement
If you still haven’t settled the debt, you can use this to your advantage. You can send your creditor a letter asking them to remove the account and in exchange, you’ll pay the account in full.
Before requesting a pay for delete agreement, you should be sure that you have the funds to pay the debt in full or this opportunity will be wasted even if they agree. And if Capital One does agree to a “delete for pay” arrangement, make sure you get this down in writing.
6. Dispute the collection
The Fair Credit Reporting Act (FCRA) allows you to dispute any information on your credit report that you deem to be inaccurate or even questionable. The creditor then has 30 days to provide proof or the account must be removed.
7. Seek help from a professional
If you aren’t having any luck having the debt removed on your own, you might want to seek the help of a professional credit repair company. They have proven strategies to help you remove the Capital One collection from your credit report. They can also help with any other issues that are dragging down your score.
Your Rights When Dealing with Capital One Collections
Debt collectors must abide by state and federal laws in the United States. For example, the Fair Debt Collection Practices Act prohibits a debt collector from using abusive, unfair, or deceptive practices. In addition, the FDCPA provides you with many rights to ensure that collection agencies don’t take advantage of you. In particular:
- It is a violation of federal law for Capital One Collection Agency to report inaccurate or incomplete information about you.
- You have a legal right to request debt validation on an alleged debt. Send the collection agency a debt validation letter. By law, they have 30 days to prove to you that the debt is really yours and the total amount is accurate.
- Capital One Collection Agency may not threaten or harass you, call you repeatedly, swear at you, or publicly publish a list of debtors.
- Capital One Collection Agency must be honest about who they are and what they are attempting to do. They must notify you that they are a debt collection agency both orally and in writing.
- Capital One Collection Agency cannot threaten to have you arrested or imprisoned over unpaid debts.
Get Your Capital One Collections Removed Today!
If you’re looking for a reputable credit repair company to help you with collection accounts and repair your credit history, consider working with Credit Saint.
They have helped many people in your situation. Fill out the form on their website or give them a call at (855) 281-1510 for a free credit consultation to see what they can do for you.
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