Consumer complaint received 2023-07-02
Company: CAPITAL ONE FINANCIAL CORPORATION
State: TX
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
FCRA 611 ( 15 U.S.C. 1681I ) 5 Treatment of inaccurate or unverifiable information ( A ) If after reinvestigation under paragraph 1 of any information that is disputed by consumer, an item of the information is found to be inaccurate or incomplete or can not be verified, the consumer reporting agency shall ( i ) promply delete that item of information from the file of the consumer, or modify that item of information as appropriate, based on the results of the re-investigation. 
( ii ) promply notify the furnisher of information that the information has been modified or deleted from the file of the consumer. 

When an account is charged off, it means that the creditor has declared the debt as uncollectible and has written it off as a loss. At that point, the account balance should show as " charged-off '' or " written off '' on the credit report, and the outstanding balance would typically be listed as $ XXXX charge off account should not show a charge off every month on a credit report. 

When a creditor determines that a debt is unlikely to be collected, they may charge off the account and report it as such to the credit bureaus. This typically occurs after a certain period of delinquency, usually around 180 days. Once the account is charged off, it will typically remain on the credit report for seven years from the original delinquency date.

Again, once an account is charged off, it should not continue to be reported as a charge off on a monthly basis. It should be reported as a singular event on the credit report. If the charge off account is being reported as an ongoing charge off every month, it may be an error that should be disputed with the credit bureaus. 
I am disputing the Capital one credit card XXXX which was reported in XXXX XXXXXXXX bankruptcy as of XX/XX/XXXX. On the credit report that account shows as charged off every month since XX/XX/XXXX up to current day and year XXXX. Also, there is a statement balance reported of {$5700.00} and updated balance of {$6000.00}. With this account being charged off, there shouldn't be a balance reporting at all and there should only be one charge off event as of XXXX. With this account showing a balance of {$6000.00}, it's impacting the utilization of my credit report. Currently in the account totals, theres a utilization of 63 % and the total amount of open debts is {$17000.00}. My total open debt ratio has increased by {$6000.00} on the reporting as a result of this charged off / closed account. This inaccurate information has caused my credit score to drop over XXXX points. This has impacted me in loan denials that I probably would have qualified for. More importantly, it voliates the Fair Credit Reporting Act. I've tried on numerous occasions to dispute this with Capital through XXXXXXXX. In the XXXX XXXXXXXX bankruptcy, this account is listed as account ending in XXXX. The creditor hasn't accurately updated this account. If I can't get a resolution here, the next step is to report this incident to the Attorney General of my state.

Company response to consumer: Closed with non-monetary relief