Credit

Steps To Remove Capital One Collections From Your Credit Report

Having an account with Capital One Collections could mean a few things. For anyone, it means you’ve defaulted on a Capital One debt, but then it comes down to who owns it right now?

If Capital One didn’t charge it off yet, then Capital One owns the debt and you must work with them to resolve it. But, if Capital One charged it off, then another collection agency has it and you must work with them to resolve it.

Either way, it’s important to remove Capital One Collections from your credit report. Here’s how.

Ask for a Goodwill Adjustment

If your collection is still with Capital One, you may ask them for a goodwill adjustment. This is basically an act of charity on Capital One’s part based on your request. It helps if you are in good standing normally and had some out of the norm circumstances that caused the issue.

For example, did you lose your job or did your spouse fall ill? It must be something that you couldn’t prevent but otherwise, you had a great payment record.

If Capital One agrees, they may adjust your account, and remove the collection from your credit report once you make good on the debt.

Ask for a Pay for Delete

If Capital One doesn’t have your account any longer and they charged it off to another collection agency, you can negotiate a pay-for-delete. 

Here’s how it works.

You first negotiate a settlement with Capital One or the collection agency that holds your debt. They may be willing to accept a lower amount and call it paid as agreed. You have to ask, though, and how you ask will determine what they allow.

Once you have the agreement on the amount, ask if they’ll delete the collection from your credit report after you pay the debt. If they will, this removes the collection from the credit report and the damage it does to your credit score.

Before you pay, make sure you have the agreement in writing. If you don’t, you can’t prove that they agreed to delete it if you paid it.

When you pay the debt, do so with a check in the mail. Keep a copy of the check and a copy of the canceled check for your records and if you have to dispute the debt, use the steps below.

Disputing the Debt with the Credit Bureaus

Capital One Collections isn't as friendly of a face to see as the bank itself, but all hope isn't lost when you do find yourself meeting them on your credit report.

If you don’t agree with the debt or think what’s reported is unfair, you can dispute the debt. To start, you must pull your credit reports so you know which bureau is reporting them. Sometimes only one bureau reports it and other times all three report it.

Make note of which bureaus have the information and write them a dispute letter. In your letter, state why you think the collection information is incorrect or unfair. If you have any supporting evidence, provide it to them. This includes any letters you have from the collection agency agreeing to a pay-for-delete.

The credit bureaus have 30 days to look into the issue. They’ll contact the collection agency or Capital One, whoever reported the debt to find out the truth. If they can’t prove something other than what you stated, they must remove Capital One Collections from your credit report.

Hire a Professional

If this is too overwhelming for you or you haven’t had luck removing Capital One Collections from your credit report, you can hire a professional credit repair agency. The professionals know what to look for on your credit report and how to handle collection agencies.

They can dispute the accounts on your behalf and point out anywhere Capital One Collections is violating your rights or the law.

Final Thoughts

Don’t leave Capital One Collections on your credit report. It’s important to remove them as soon as possible so you can keep your credit score up. If you had a unique circumstance that caused you to fall behind, tell them. You may be surprised to learn how understanding they can be when they hear the truth versus only seeing that you aren’t paying your bill.

No matter what you do, make sure you find a way to remove Capital One Collections from your credit report. Whether it’s on your own or with the help of a credit repair agency, don’t let the collection account ruin your credit score.