Capital One Financial Corp (COFC) is a Fortune 500 company listed on the New York Stock Exchange under the symbol COF. Founded in 1988, Capital One has its fingers in many pieces of the financial services pie, including credit cards, auto loans, and banking products such as savings accounts, checking accounts, and certificates of deposit. Based in Tysons Corner, near McLean, Virginia, Capital One boasts 45 million customer accounts. Based on total deposits, it’s ranked among the top 10 U.S. banks.
Many of COFC’s activities are performed through its subsidiaries. Capital One Bank, National Association offers credit and debit cards, for example, while Capital One, National Association offers a wide range of financial products and services to consumers, as well as to small and large businesses. Capital One Bank (Europe) operates in both the United Kingdom and Canada. Capital One Auto Finance, Capital One Home Loans, and Capital One Settlement Services are wholly-owned subsidiaries of Capital One, National Association.
Capital One Creditor is a wholly owned subsidiary of Capital One Financial Corporation. Capital One Collections is, in turn, a subsidiary of Capital One Creditor. Capital One Collections collects debts on behalf of Capital One Creditor and other COFC subsidiaries.
Capital One automatically charges off a debt when it’s 180 days in arrears. It does so because that’s the law; the Federal Financial Institutions Examination Council requires it. This is because a bank that didn’t charge off old debt would keep it on the books, misleading investors about the true value of its assets. However, this doesn’t mean that one of COFC’s subsidiaries, such as Capital One Creditor or Capital One Collections won’t try to collect. They almost always try to collect, often in concert with a third-party debt collection agency, such as NCO Financial Systems, United Recovery Systems, or MRS Associates.
At Lemberg & Associates, we’ve discovered that Capital One’s subsidiaries and third-party collectors often use smoke and mirrors to mislead consumers in ways that are in violation of the Fair Debt Collection Practices Act. That’s why we’ve filed three separate class action lawsuits against the company.
Click on a link below to learn more about Lemberg & Associates’ class action lawsuits against Capital One:
- Wood v. Capital One Services LLC, NCO Financial Systems, and Capital One Bank
- Rogers v. Capital One Services LLC, United Recovery Systems, and Capital One Bank
- Sorel v. Capital One Services LLC, MRS Associates, and Capital One Bank
