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Best way to handle this negative account- PRA/Capital One


MannyLNJ
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I have two accounts in collections. This is my largest one. I think if it came off my report I would have a jump in my score. I have not recently received any paperwork from PRA

 

Account name PORTFOLIO RECOVERY ASSOCIATES 
Account number <removed>
Recent balance $5,148 as of 10/27/2018
Date opened 10/2016
Status Collection account. $5,148 past due as of Oct 2018.
Original creditor CAPITAL ONE BANK USA N.A.
Type Debt Buyer
Terms 1 Months
On record until Aug 2021
Credit limit or original amount $5,148
High balance $0
Monthly payment $0
Recent payment amount $0
Date of status 12/2016
First reported 01/2017
Responsibility Individual
Comment Completed investigation of FCRA dispute - consumer disagrees

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What state? If you defaulted in 2014, this is SOL in a lot of states for being sued. Getting things "removed" because you don't like the way they affect your score is a lost cause. That's why they do it; to affect your score. You have to prove they are reporting inaccurately; even then, all they have to do is change the report to reflect the true facts.

 

If this is SOL and they never sued, it could violate the FDCPA in the 6th and 8th circuits, where  reporting is considered collecting.

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On 11/1/2018 at 4:18 PM, MannyLNJ said:

I have two accounts in collections. This is my largest one. I think if it came off my report I would have a jump in my score.

You aren't going to see a significant score increase until the last collection disappears.

 

 

Edited by cv91915
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PRA made a policy change in mid October that they will now remove paid collections.

 

 

Sent from my iPhone using Tapatalk Pro

Edited to add: they will remove paid OR settled accounts. If you have some funds available, call them are start negotiating a settlement.

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Just because PRA says the account was opened on 10/2016 means that the DOLA is 10/2016.  Most likely the DOLA is 1 to 2 years before that.  If that is the case the DOLA is something like 10/2014 and the best thing to do is probably wait it out.

 

At least your CR says On record until August 21 and make sure you keep that credit report handy because when August 21 comes around it isn't a guarantee that it will fall off the CR

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22 hours ago, legaleagle2012 said:
What state? If you defaulted in 2014, this is SOL in a lot of states for being sued. Getting things "removed" because you don't like the way they affect your score is a lost cause. That's why they do it; to affect your score. You have to prove they are reporting inaccurately; even then, all they have to do is change the report to reflect the true facts.

If this is SOL and they never sued, it could violate the FDCPA in the 6th and 8th circuits, where  reporting is considered collecting.


I am in New Jersey which is the Third Circuit. I believe the SOL has not expired yet on this debt.


21 hours ago, cv91915 said:
You aren't going to see a significant score increase until the last collection disappears.


I have two collection accounts on my report. I am reaching out to the other one to see if they will delete for payment.


11 hours ago, hoapres said:
Just because PRA says the account was opened on 10/2016 means that the DOLA is 10/2016.  Most likely the DOLA is 1 to 2 years before that.  If that is the case the DOLA is something like 10/2014 and the best thing to do is probably wait it out.

At least your CR says On record until August 21 and make sure you keep that credit report handy because when August 21 comes around it isn't a guarantee that it will fall off the CR

 

Hoapres do you think I should contract Capital One and ask them when I made the last payment?

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5 hours ago, legaleagle2012 said:

Is it a store card by any chance, like Home Depot etc? SOL on store cards in NJ is 4 years.

I don't remember the card so I don't think it's a store card. I did apply for a new Capital One card the other day which I know may have been stupid because of the account in collections but I was approved for a $500 card. I know this because I received an email about my new card. When I called I was given the option of account information on 3 accounts. One was a quicksilver card which I didn't recall and when I hit the option for that card it was transferring me to another business that owns the account. I hung up at that point.

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3 hours ago, MannyLNJ said:

If it's in the SOL I don't want to risk them deciding to Sue

 

If I am reading this correctly, the original date of default was around 2014. If that is the case the odds of you getting sued are extremely remote. If they don't sue within the first 2 years then they usually never do it. They are just sending annoying letters and phone calls.

 

Quote

I have two accounts in collections. This is my largest one. I think if it came off my report I would have a jump in my score. I have not recently received any paperwork from PRA

 

If you are not willing to contact the credit bureaus and you are not willing to contact PRA, merely because you are concerned about getting sued on something that ancient, then I am not sure why you bothered to start this topic.

 

You have to be willing to contact some entity if you want a change made that will increase your credit score. Starting a topic on this website will have no impact on your credit score.

Edited by RocketGoBoom
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As I said I didn't want to do something that could cause PRA to "wake up" and go after this account.

 

Last week I applied for the Union Plus MC through Capital One and today I received an email that it was approved. When I called into the system to try and see the limit the automated system did show this account that PRA has and when I tried to get info out did a transfer. I hung up before PRA answered. 

 

Your comment about contacting some entity caused me to take action. I called Capitol One and spoke to an agent there. This account was charged off in August of 2015 and the last payment was June of 2015 which I believe means the SOL has not expired.

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Having helped people deal with PRA before the big issue was always the account being reaged which in this case meaning that the account stayed on the CR until 10/23 being 7 years after the day PRA getting the paper on 10/16 instead of being deleted on 10/21 being 7 years after the last payment. (To be technical the item could stay on the CR for 7 years + 180 days after the last payment)

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On 11/3/2018 at 1:30 PM, PNWRN said:

PRA made a policy change in mid October that they will now remove paid collections.

 

 

Sent from my iPhone using Tapatalk Pro

Edited to add: they will remove paid OR settled accounts. If you have some funds available, call them are start negotiating a settlement.

I haven't seen that. PRA will update to say it is a paid collection.

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1 hour ago, MannyLNJ said:

As I said I didn't want to do something that could cause PRA to "wake up" and go after this account.

 

Last week I applied for the Union Plus MC through Capital One and today I received an email that it was approved. When I called into the system to try and see the limit the automated system did show this account that PRA has and when I tried to get info out did a transfer. I hung up before PRA answered. 

 

Your comment about contacting some entity caused me to take action. I called Capitol One and spoke to an agent there. This account was charged off in August of 2015 and the last payment was June of 2015 which I believe means the SOL has not expired.

Meaning that in theory the account could stay on the CR until August 2022.  I would just wait and ride it out.

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