Captiol One Creditard Company Sold my account to collection agency and now refuses to remove their name off of credit repor even though the account has been paid off. Salt lake City Utah

Oh yes, the big evil bank charged you a single late fee when you didn't deserve it.  So you refused to pay the late fee(probably under $40), and all future fees because of that one fee.  You let this go on for at least a couple of years based on the amount.  But then all of the sudden you decide to settle and pay the collection agency over $850....even though it wasn't your fault.  Sure makes total sense.

You see if you truly didn't deserve that first late fee, I am sure you have proof that they recieved the payment BEFORE the due date, or if they received it ON the due date it was BEFORE the cut-off time.  You of course then disputed it in writing as you are required to do..right?  But even with your mounds of proof because they have some vendetta against you they charged you the late fee anyways.  That must be what you are saying..right?

No, so once again, it is called a credit HISTORY.  The reason DOES NOT Matter why they charged it off, the fact remains that it was charged off..and it will remain on your history for 7 years.  If you truly had a distpute you may have had some lets too stand on if you wanted to fight it even when it was Charged Off.  But once you paid it off it is almost impossible to then come back and claim that it wasn't a valid charge.  That is unless you are either stupid or just very generous with your money where you love to just throw around hundreds of dollars to random companies.  Oh and this reporting is not a Capital One Rule, and not something only Capital One would do or currently does.

If you don't believe me go take a look at the Fair Credit Reporting Act(FCRA).  If you still don't believe the Federal Regulations, then look at the provision that allows you to sue them for this "illegal reporting".  Of course when you get to court don't be shocked if the judge asks the same questions and expects better answers.

As for your case of Identity Theft...yes that is very bad and unfortunate.  But guess what.  It has NOTHING to do with THIS report.

Capitol One was wrong from the beginning they refused to take the first late charge they added to my account, I was not late paying them. then they kept adding late charges to the orginal amount. when I had tried to settle the account. I stopped paying late charges after I had spoken with them. So the amounts that they are showing are late payments only. I refused to pay them. They ran my bill up to 1300.00 before stopping late charges. This is unbeleiveable on a 300.00 acct.

Now as I said they unfairly have added this to my credit report, even though they sold the account and received the amount again that was paided off. So if you want to stick up for a company that would do something like this go head. i just hope it never happens to you. And don't ever say that I do not pay my bills again you have no idea of what it is like to have someone take your name and run up debts that you are held responsible for. Someone opened in account in my name in Washington DC. Somewhere I never lived at . It took years to straighten that mess out and prove it was not me.  So again please comment on facts that you know about.

In order for your account to be sold to a third party collection agency like Portfolio Recovery, you had to have been multiple months late, probably at least 6 months.  Capitol One then charges off your account, which will stay on your credit report for up to 7 YEARS!  

You should have paid your bill and this wouldn't have happened.  But since it did, you now have to deal with the consequences, being poor credit.

I am not going to come down on you too hard because you actually have tried to do the right thing by paying off your debts.  However, what they are doing is totally legal and what any other company would do.

You see the only reason they would sell your account to a Collection Agency is because you were delinquent(probably anywhere between 3-6 months).  Now, when they sell off your account they "Charge Off" the account.  This is actually an accounting step they must do because of certain laws and regulations.   However, it does not make the debt go away.

now, what you did was pay off the collection agency of your debt.  So the Collection Agency needs to either report the debt as paid(0 balance) or just remove their listing from your report.

As to why Capital One won't remove their record...HISTORY.  Again, they did "Charge Off" the account and paying it off through the collection agency does not change that fact.  So unfortunatly, unless Captial One still says you have a balance due, there is nothing legally you can do to remove it.  But if they do show a balance due, that is something you can dispute to adjust the balance due to $0, showing your payment to the collection agency.

I will also tell you that there is no law that says they MUST report it, but you will find that most creditors will continue to report it.  This is just a consequence you must accept when you become delinquent in your debts.

One other item.  If you did not pay the full amount to the collection agency where they "settled" for a lessor amount.  Be careful as the Collection Agency MAY send you a 1099-C form at the end of the year if the amont they forgave was over about $600, where you have to then also pay taxes on the amount they "forgave".