What is AMEX up to now?

[Anonymous]

---

@Anonymous wrote:

---

@jmbfl wrote:

Even if it is a widespread error, well known to them, specifically caused by their actions, that they have made no active effort to correct? They could fix every one of these mistaken entries in a few days if they wanted to. Their system changes caused the problem (by their admission) and they can use their systems to fix it. Every day that goes by the word negligent gets bolder and bolder. But a fix is one thing and an admission is another. You won't see an admission.

---

But I thought they corrected it as soon as it was brought to their attention.  Wasn't that the whole point of your advice to call them directly rather than disputing through the CRA?

---

I'm not sure of your point here Cheddar.  They correct a widespread error they are aware of but only on a case-by-case basis when the affected consumer becomes a) aware of it and b) requests it to be corrected. Can that still really fall under Bona Fide error?  That is wilfull negligence and only owning up to mistake when caught, and not addressing the millions of others that you know still exist.  If I/someone/a bunch of people can make the case in say 6 months that our scores and ability to get credit were materially affected by an error that Amex was aware of and did not rectify simply because we were unaware of, I'd have to assume they'd have the book thrown at them, especially in this environment.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

Amex KNOWS this is the case, and has not taken the steps to correct it themselves.

---

How do you know this?  I don't see how you possibly could, unless you are privy to internal conversations at Amex.

---

@Anonymous wrote:

And sorry, my Bona Fide errors don't protect me from the fall-out. If for some reason I forget to deposit money, don't balance my checkbook, forget to pay, I still get hit with late-fees and credit dings.  Bona Fide only means it is not an intentional/fraudulent mistake NOT that you don't have to correct whatever the fallout was.

---

You're right.  Your errors don't protect you from the fallout from your own actions, but that's irrelevant.

For better or for worse, the FCRA provides a method for recourse when a creditor reports incorrectly.  If you fail to follow those procedures, you're out of luck if you're looking for damages.  That's just the way it is.

There is no such law protecting you when you fail to balance your checkbook.

---

Again, I think you are providing for a very wide and generous interpretation of 'Bona Fide' and in fact of 'Error'`

Bona Fide Error:  we found out we were reporting incorrectly, it affected customer, but we fixed it and sorry but it was Bona Fide (not malicious or negligent)

Not Bona Fide Error: we found out we were reporting incorrectly and did nothint to rectify the problem for millions of customers who did not find out about the mistake.  That is Bona Fide **bleep** Negligent.

[Anonymous]

---

nyccc2 wrote:

Again, I think you are providing for a very wide and generous interpretation of 'Bona Fide' and in fact of 'Error'`

Bona Fide Error:  we found out we were reporting incorrectly, it affected customer, but we fixed it and sorry but it was Bona Fide (not malicious or negligent)

Not Bona Fide Error: we found out we were reporting incorrectly and did nothint to rectify the problem for millions of customers who did not find out about the mistake.  That is Bona Fide **bleep** Negligent.

---

And again, I think you are ignoring the fact that the FCRA contains a provision for a method to correct incorrectly reporting information.  If you decide to get the information corrected by some procedure other than the one spelled out in the FCRA, you have NO RECOURSE under that statute.

That is my point.

[jmbfl]

---

@Anonymous wrote:

---

@jmbfl wrote:

Even if it is a widespread error, well known to them, specifically caused by their actions, that they have made no active effort to correct? They could fix every one of these mistaken entries in a few days if they wanted to. Their system changes caused the problem (by their admission) and they can use their systems to fix it. Every day that goes by the word negligent gets bolder and bolder. But a fix is one thing and an admission is another. You won't see an admission.

---

But I thought they corrected it as soon as it was brought to their attention.  Wasn't that the whole point of your advice to call them directly rather than disputing through the CRA?

---

They fixed my problem as soon as I brought it to their attention. I was able to bring it to their attention because I was on the ball and knew there was a problem. I also have enough data so I can now quantify exactly how much this error cost me in terms of FICO score and it was significant. My comment above was regarding the plight of certainly 1000's of other former cardholders who are not quite as vigilant. Let's face it - most people just don't fuss over their credit like we do. Nonetheless, they have a problem, too! Is the answer, "Screw 'em! Not smart enough to ask, they don't deserve a correction!"? I don't think so. AMEX should be taking major steps on their part to get this mess cleaned up. It's been over a month. Certainly that is plenty enough time for AMEX to have made a correction on their of own volition. They themselves have  certainly known about it long enough! How do we know they haven't - posters are still reporting here in recent days that they have noticed a problem!

Meanwhile my advice remains the same. If you have this problem and are reading this post pick up the phone, make the call, and get this off your CBR's now! Act today - ruminate later!

Message Edited by jmbfl on 11-09-2008 01:13 PM

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

Again, I think you are providing for a very wide and generous interpretation of 'Bona Fide' and in fact of 'Error'`

Bona Fide Error:  we found out we were reporting incorrectly, it affected customer, but we fixed it and sorry but it was Bona Fide (not malicious or negligent)

Not Bona Fide Error: we found out we were reporting incorrectly and did nothint to rectify the problem for millions of customers who did not find out about the mistake.  That is Bona Fide **bleep** Negligent.

---

And again, I think you are ignoring the fact that the FCRA contains a provision for a method to correct incorrectly reporting information.  If you decide to get the information corrected by some procedure other than the one spelled out in the FCRA, you have NO RECOURSE under that statute.

That is my point.

---

There are also provisions, as far as I know, for fines against CRAs that knowingly report incorrect information and/or creditors who do.  If Amex reports an account they know should not be and don't, they are in violation.  If they do so and don't know they are, i.e. Bona Fide mistake, they may not be in violation.  If they do so and KNOW they are, that is not a Bona Fide mistake.

Likewise, if Experian unknowingly reports incorrect information, they are not in violation; if they know and do they are in violation whether that was a Bona Fide mistake INITIALLY by the creditor or the themselves.

I am quite sure the FCRA didn't write the regulations so that either CRAs or Creditors could KNOWINGLY report incorrect information, that is the opposite of the definition of Bona Fide.

If I were to send a registered letter to Experian that American Express is reporting millions of accounts including mine that are out of FCRA timelines, and one to American Express as well, and they took no action for ALL Of them, they are no longer protected by 'Bona Fide'.  You are not allowed to benefit from a mistake you made by exacerbating it (continuing to report when you know you shouldn't be).

Mark my words; Amex will get into serious trouble for this.

BTW 'Bona Fide' means 'in good faith'.  If your computer program somehow allowed retired Tradelines to be reported you could argue that was a mistake 'in good faith' i.e. an error but not an intentional one.  If you found out about it and did nothing to correct it and allowed the error to compound, you are no longer acting in good faith, are you?

Message Edited by nyccc2 on 11-09-2008 01:47 PM

[Anonymous]

Well got a whole 2 points bump from Amex being gone.  That said, I'm not at 739, from low 500s this time last year.  Once I get my HSBC to update as Open and $0 out of $3k and pay balances down from 35% to < 10% I'm imagining a 30 point bump on top of that.  That would put me, as far as I understand, in the top interest rate tier available. Whodda thunk?

[Jayleesmimi]

---

@Anonymous wrote:
Well got a whole 2 points bump from Amex being gone.  That said, I'm not at 739, from low 500s this time last year.  Once I get my HSBC to update as Open and $0 out of $3k and pay balances down from 35% to < 10% I'm imagining a 30 point bump on top of that.  That would put me, as far as I understand, in the top interest rate tier available. Whodda thunk?

---

I just pulled my FICO scores after the AMEX removal and I had jumps in all scores across the board.  The biggest was 46 points on Experian. Can't say it was all AMEX, bit I am very happy that I called and had it them removed!

[Anonymous]

Thank you all so much for posting about this AMEX mistake!!!!

I normally check my Credit reports at least monthly, but had stopped for the past 6 months. I checked last week and my old AMEX  that had aged off 7 years ago was reporting like the rest of you...$1400 balance on CL of $100. This account was reporting on all 3 CRAs.  Totally freaked me out as I've been so careful with my credit the past 6 years and plan on applying for a mortgage within the next 12 months.

Of course the first thing I did after finding this entry on my reports was to come here to MyFico Forums to look for help!!!!  After reading this thread I called AMEX, talked with a credit rep there and within 3 days this old derrogatory account had disappered from all of my reports!  Immediate jump in scores from 34-45 points! 

Thanks to all of you who posted about this AMEX error.  This thread really needed to be bumped up for others to see it...who knows how many others have had this happen and just haven't noticed yet.