Reply
New Visitor
cocosmom
Posts: 2
Registered: ‎09-03-2008

Is it illegal for credit card co. to delete late payments from an account

Hello everyone,
 
I'm new to this board and have truly enjoyed reading the wonderful advise that people contribute.  I was just on the credit card board and someone said that they attempted to send a GW letter to an OC.  Apparently, the OC replied back saying that deleting lates pays or deliquents from their account is illegal and they're just reporting what's true and accurate.
 
Is that true about deleting late pays from someone's accounts???  I
Mega Contributor
Creditaddict
Posts: 18,811
Registered: ‎10-23-2007

Re: Is it illegal for credit card co. to delete late payments from an account

no they just tell you it is.
Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
New Visitor
cocosmom
Posts: 2
Registered: ‎09-03-2008

Re: Is it illegal for credit card co. to delete late payments from an account

Hi Creditaddict,
 
Thanks for the reply.  So I guess it's best to be persistant with the GW letters until someone gets sick of hearing from you?  LOL
 
Cocosmom
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Is it illegal for credit card co. to delete late payments from an account

The law says that it is illegal to report inaccurate information. The law does NOT say that it is illegal to not report accurate information. (There's a difference.)

Many CSR's believe it's illegal; the higher-ups know it's not. I think it's a violation of their agreements with the CRA's, though, so they don't exactly hand them out like trick-or-treat candy. Deciding to GW (or PFD) is a business decision.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+