Consumer complaint received 2020-10-22
Company: CAPITAL ONE FINANCIAL CORPORATION
State: FL
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Their investigation did not fix an error on your report

Complaint:
Back in XXXX I defaulted on my credit cards with Capital One. I was going through a rough time because I had a complicated XXXX and had to stop working. The company charged off my accounts and sold them to XXXX XXXX XXXX, XXXX. That company turned around and sued me for the debts and harassed me for payment. I was in contact with the collection agency and tried work out payment arrangements. I was even in contact with Capital One and tried to settle and arrange payment, but they always referred me back to the collection agency. 

Around XX/XX/XXXX I was able to pay both balances off in full to XXXX XXXX XXXX. I have reached out to Capital One and requested that they delete the tradelines because a ) the accounts are closed and have been paid in full, b ) the reporting doesn't accurately tell the full story, c ) once the balance was paid, they updated my report to show almost 3 years or charge off activity when previously they had stopped reporting all together which dropped my credit scores. 

When I went to Capital One directly to ask that they delete the tradelines in light of me rectifying my previously delinquent status they send me back a generic auto generated letter stating they must report information to the credit bureaus accurately and can do so for 6.5 years. Seeing as I just paid my balance that means that time has been reset and that they can continue to report my charged off status until XXXX, which to me feels like cruel and unusual punishment. 

When Capital One charged off my account they were allowed to write off my debt and received tax breaks from the government. When I encountered complications during my XXXX and XXXX XXXX I didn't get any breaks. No one sent me a bail out. As a matter of fact my credit cards were closed, my credit score dropped and anything that required a credit check I ended up not being able to qualify for or ended up paying more money. I pay more money on my car insurance due to my credit score. When it was time to move into a new apartment they required 3 times the rent due to my credit report/score. Having negative information on my credit report directly impacts my quality of life. 

Now that I am repairing my personal credit and building my business credit, I keep getting denied for business credit because of " recent charge off/collections ''. There is no law that states that companies have to report anything to the credit bureaus. There are laws in place that state that if a company does report to the credit bureaus that they report information accurately. Those reporting 's don't tell the full story. I know that a company can decide to report information but they can also show a little grace and class and reward their customers when they pay back their accounts. And I know that it is possible because I've worked out similar agreements with other companies. 

I know that I fell short of our initial payment agreement because of unforeseen events, but I think that I have made up for it, I have served my time and I deserve a second change at good credit. My request is that Capital One deletes my now closed and paid off tradelines.

Company response to consumer: Closed with explanation