In order to remove a Capital One collections on your credit report you first need to know who currently owns the debt. In other words, has Capital One sold the debt to another collection agency or is the debt still with Capital One.
You can find this out by getting a current copy of your credit report and taking a look to see who is listed as the creditor on the entry. If the debt is listed as a “Charge Off” it’s more than likely been sold by Capital One to another collection agency. In this case you want to follow steps to remove a charge off from your credit report.
If the entry is listed as a “collection” or it’s simply late, you’re more than likely going to have to deal with Capital One. Either way, here are the steps you can follow to get the collection removed from your credit report.
1. Request a Goodwill Adjustment
Your best bet for getting the collection removed from your credit report is to contact Capital One and ask that they remove the collection out of goodwill. You should write them a letter that states why you were late on the account (job loss for example) and ask if they would kindly remove the entry.
It’s important to keep in mind that this will only generally work if you’ve already paid the debt and there is no outstanding balance owed.
2. Pay to Delete the Capital One Collections
When you’re unable to request a goodwill adjustment because the account isn’t current and there is still money owed, your next step should be to offer to pay the debt in full if they in turn agree to remove the negative entry from your credit report.
This method works best if the collection account has been sold to a 3rd party collection agency other than Capital One. That said, there is no harm in trying this method with Capital One. It’s definitely worked in the past.
3. Dispute the collection
If you’re unsuccessful in getting the Capital One collections removed by using step 1 or step 2, you might want to consider disputing the collection. This works only if the entry has incorrect information listed on your credit report.
When you’re considering disputing the Capital One collections, take a look at the entry on your credit report and verify that all information is accurate. If there is anything inaccurate on the entry, you should dispute it with all three credit bureaus.
The credit bureaus will investigate the dispute and if they are unable to verify the correct information, it will more than likely be removed.
4. Have a Professional Remove It
Lastly, if you’re the type of person who would rather have a professional handle it and just be done with the whole thing, I suggest you check out Credit Saint. They’ll take care of you. Check out their website.