Creditor accidentally closed account???

Anonymous · ‎08-17-2014

Ok, so here is the back drop on my story. A couple of days ago, Wednesday, 8/13/14, I called my auto lender to ask for a GW adjustment to get my only 2 late payment remarks removed from my credit report. And the lady who was very nice, and sweet, without hesitation agreed to have them remove and said it would show in up to 2 weeks, woohoo! Success!!! But then as I checking my report tonight, Sunday, 8/17/14, my auto account on my EQ CR now shows that account as being CLOSED with, get this, $0 balance. It also says in the paying status , paid as agreed.

I am totally flustered and confused on what to think or do about the situation. The first thing that came to mind was,"did she update and report my file as such on accident by misunderstanding?" If so, what, if anything, should I do? It still, as of now, shows the 2 late payments on my CR.

I am totally lost and wonder if anyone has had this fortune/misfortune bestowed upon them...or anyone has any advice or clues, ideas whatsoever as to what I should do

FIRST post, yay!!! You all inspire me to become better everyday in terms of handlingrebuilding my credit

JPeanut503 · ‎08-18-2014

So are you saying you still have this open auto loan and owe on it, but now it is showing as paid and closed?

Beginning myfico score watch 608 (4/4/14)
EQ 652 (9/17/14) myfico
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EX 671 (9/17/14) myfico
**Goal Score: 700 across the board

Anonymous · ‎08-18-2014

I still owe on the account. I am 28 months into a 42 month loan. My balance should be around $6k but on the report shows it as paid as agreed, $0 balance and closed. I can't be that lucky right? No lender would let anyone off the hook so easily even if done on their behalf accidentally.

JPeanut503 · ‎08-18-2014

@Anonymous wrote:
I still owe on the account. I am 28 months into a 42 month loan. My balance should be around $6k but on the report shows it as paid as agreed, $0 balance and closed. I can't be that lucky right? No lender would let anyone off the hook so easily even if done on their behalf accidentally.

WOW....that sure would be lucky! Maybe someone else will chime in, but maybe give it 30 days to update properly?

Beginning myfico score watch 608 (4/4/14)
EQ 652 (9/17/14) myfico
TU 641 (9/17/14) myfico
EX 671 (9/17/14) myfico
**Goal Score: 700 across the board

dursty87 · ‎08-18-2014

Somewhere someone screwed up. Most likely when they were trying to adjust the payment history per your GW. I am sure it will be fixed on their next update cycle to the CRA's.

bdhu2001 · ‎08-18-2014

@Anonymous wrote:
I still owe on the account. I am 28 months into a 42 month loan. My balance should be around $6k but on the report shows it as paid as agreed, $0 balance and closed. I can't be that lucky right? No lender would let anyone off the hook so easily even if done on their behalf accidentally.

Not sure if I'm getting your question correctly, but your balance will probably update in 30 days. If it doesn't , you'll probably want to advise them in approx 60. Because your lender/contract still shows that you owe and having it not report to the CBAs simply isn't giving you credit for you history or your current payments.

I've read where some lenders only report to one CBA instead of all three and others who don't report to any CBA unless you miss a payment. You don't want your account to only update if it's bad information.

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Anonymous · ‎08-18-2014

That is what I figure is most likely to have happened but I guess the naive human nature side of me was questioning, wondering if they actually closed the account within their own system when they were trying to remove the late payments from my file. And if so, what would happen in such instances? I guess just wishful thinking on my part, right lol

JPeanut503 · ‎08-19-2014

@Anonymous wrote:
That is what I figure is most likely to have happened but I guess the naive human nature side of me was questioning, wondering if they actually closed the account within their own system when they were trying to remove the late payments from my file. And if so, what would happen in such instances? I guess just wishful thinking on my part, right lol

Let us know what happens

Beginning myfico score watch 608 (4/4/14)
EQ 652 (9/17/14) myfico
TU 641 (9/17/14) myfico
EX 671 (9/17/14) myfico
**Goal Score: 700 across the board

Anonymous · ‎08-19-2014

Will do. I made sure to ask for a confirmation letter via mail when I originally requested the GW. I will post as soon as it is received.

Anonymous · ‎08-20-2014

***UPDATE 8/20/14***
I just checked my CK weekly updated CR and now my TU CR shows the account as closed and paid with one separate DA removed. Slight boost in CK FAK

But back to the original subject. With TU updated CR, that makes both EQ & TU, the only CRA that this CL reports to, CR's showing my Auto loan as paid, closed with $0 balance. Totally flipping crazy!!! I'm now awaiting my confirmation letter from the CL to see what they said they've done to verify if it's just a mistake in CR or if it's a mistake within their own filing. INSANITY!!!