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As one of the largest financial institutions in the world, Capital One has a vast debt collecting arm. If you defaulted on a loan, missed a credit card payment, or are overdue on a payment, expect “Capital One Collections” to appear on your credit report.
Unfortunately, a collection account can remain on your credit report for up to 7-years, damaging your credit score. However, you can remove a collection from your credit report. Here is how.
Remove Capital One Collections From Your Credit Report (Step-by-Step)
There are a few strategies you can employ to successfully remove Capital One Collections from your credit report. Keep reading to find out.
#1. Get a Professional to Remove It
This is what we like to call a short cut. If you are serious about removing this collection account, then you should consider hiring one of the best credit repair companies.
A credit repair company will take the matter into their own hands and will handle the entire process. On your behalf, they will sift through your credit report line-by-line and will identify any and all negative items to remove from your credit report.
They will draft letters, provide candid consultation, and will file formal disputes with all three credit bureaus. We recommend Credit Saint. To date, they have removed thousands of negative items from consumer credit reports.
#2. Ask for a Goodwill Adjustment
This strategy works best if you have a strong history of on-time payments. If so, then politely write a goodwill letter to Capital One and ask them to remove the collections account from your credit report.
Include as much detail as possible as to why you missed the payment or paid late. For example, include an unforeseen circumstance or hardship, such as a job layoff or family emergency. However, you need to make sure it is a legit reason. Capital One may ask for supporting documentation to validate your claim.
#3. Pay-for-Delete Capital One Collections
If Capital One denies your goodwill deletion request, the next thing you can do is negotiate a pay-for-delete. This strategy only works if you HAVE NOT paid the debt off yet.
Again, write Capital One stating that you are willing to pay off the debt, but in exchange you want the collections account removed from your credit report.
Make sure you negotiate through the mail, sometimes a debt collector will walk back on verbal agreements. A written contract is binding, which means you have a valid argument with the credit bureaus if Capital One does not delete the collections account from your credit report.
#4. Dispute the Collection with the Credit Bureaus
If all else fails, you can dispute the collection with the three credit bureaus. After you file a dispute, the credit bureaus will thoroughly investigate the issue at hand.
If they are unable to validate Capital One’s claim, then they will remove the negative item from your credit report.
However, before you consider filing a dispute, review your credit report. If any of the information is inaccurate, then file a dispute, but if the information is accurate, you’ll have to try another strategy.
Can Capital One Sue Me for Not Paying My Debt?
If the debt is yours and Capital One has a valid claim, then they legally can sue you. With that said, it is unlikely unless you owe them thousands of dollars. Bringing you to court is expensive. They are more likely to negotiate a pay-for-delete before this option.
But if you are in this situation, then seek legal consultation immediately.
Bottom Line: How to Remove Capital One Collections From Your Credit Report
Your best bet is to hire a credit repair company. If you do not want to go this route, then try sending a goodwill letter or negotiating a pay-for-delete.
And finally, you can also file a formal dispute with all three credit bureaus. Pick a strategy that you are comfortable with.