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New Visitor
Posts: 2
Registered: ‎09-03-2008
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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
Epic Contributor
Posts: 25,552
Registered: ‎10-23-2007
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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- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
95 Cards and Counting Smiley Tongue
New Visitor
Posts: 2
Registered: ‎09-03-2008
0

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
Posts: 28,098
Registered: ‎04-01-2007
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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
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