providian/capital one re-aging

[Alexis]

I had a providian account, I dunno, 2 years ago. it is now showing up on my report as a cap1 account, date opened 6.1.03- I *KNOW* I didn't open this account on 6.1.03. this is a slippery slope because I don't want them to come after me again- but want to do something about the different creditor and bad dates on this entry. I hope that made sense.

[foshizzle]

I've had similar things happening to me.

 

How much is the debt for? Break it down for us if you can (original amt, amt after CA gets done adding interest, fees, etc.).

 

It would have to be a reasonably substantial amount for them to try to sue you over it.

 

And, they can't sue you unless they can provide all the documentation in your validation letter (they may refuse to give it to you, but they MUST produce it for the judge if you contest).

 

Also, force them to write you instead of calling and harrassing you all hours of the day and night. It's easier on the nerves .

[Alexis]

went back and matched up these new cap1 accounts with the old, baddie accounts.

 

1: discover card, date open 12.94, status date 7.00, Charge Off as of 7-2000 to 12-2001, 1-2000, $800

 

apparentaly purchased by cap1 in 6.03, date open 6.03, Charge Off as of 4-2004, 3-2004, 1-2004, 12-2003, $800

 

2. providian, date open 8.1.99, status date ?, Charge Off as of 7-2002, 5-2002, 4-2002, 3-2002, 2-2002, 1-2002, 12-2001, 11-2001, 10-2001, 9-2001, 8-2001, 7-2001, 6-2001, 5-2001, 4-2001, 3-2001, 2-2001, 1-2001, 12-2000, 11-2000, 10-2000, 9-2000, $1500

 

apparently also purchased by cap1 in 6.03, date open 6.03, Charge Off as of 4-2004, 3-2004, 1-2004, 12-2003

 

this is the first I have heard/seen these new cap1 accounts. no letters or calls or anything. they basically created a second charge off account without even giving me the opportunity to pay it.

 

help!

[paw67]

Cap1 has recently been purchasing quite a few charge off accounts from several different creditors. There have been several others on here that have gotten offers from Cap1 to open a new account with the charged off balance of the old account.

 

In this case, since Cap1 is acting as the CA & not the OC then I would immediately send them a DV letter. Have you checked to see what the SOL is in your state and if they are still within SOL. If they are within SOL, I would be a bit careful, as Cap1 has been known to be sue happy.

 

Good luck!

 

paw67

[Alexis]

NC's SOL appears to be 3 years, the discover is well out of the SOL, the providian is not as clear cut because it doesn't list a DOLA on the credit report I pulled, but says CO as of 9.00 so I am assuming that one is also out of the SOL.

 

so- DV letters to cap 1 AND the original creditors?

[Alexis]

oh, and the capital one accounts are listed as "revolving accounts" as though they are CC acounts, rather than collection accounts. it LOOKS as if they are an OC, but I know they are not and that these accounts correspond with the providian and discover accounts that have been charged off. what can I do?

[flacorps]

Obviously the thing to do is call them on the carpet for it if you're confident you can fend off a lawsuit using SOL.

 

But what's more intriguing about your tale is the purchase by Cap1 of two defaulted accounts more or less simultaneously. That leads me to suspect that there is a nascent computerized marketplace for CO accounts that allows Cap1 to pick them up simultaneously from disparate OCs based on an analysis (Cap1's or the marketplace's) of the probability that the debtor can ultimately be induced to pay.

 

It's easier to believe than the idea that Cap1 pulls PRs and is able to contact the OCs and rapidly negotiate individual purchases, or that Cap1 is buying huge blocks of CO debt and happened to buy two debts owed by the same person almost simultaneously.

 

Someone needs to really look into what Cap1 is doing and how they're doing it. Could be a bad trend in the making...

[Alexis]

:bump

[CargoJon]

Cap One is basically opening up a revolvling TL on your reports while you did not apply or have any account with them. It's basically listing your charges offs double, too.

[jdt]

The same thing has happened to me. I have disputed as not mine with CRA they are coming back as verified.

 

What is the next step. They are 1. reaging 2. calling it revolving when it isnt 3. reporting it as a charge off.

 

Any help is appreciated.

[Alexis]

anyone? these are probably my biggest concern on my CR- because of the recent date. all my other baddies are from years past.

[jdt]

bump