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Super Contributor
Posts: 6,577
Registered: ‎04-07-2008
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How to deal with lates when companies say they can't legally remove?

I have some lates from differerent companies that Im trying to get removed but I always get the 'we can't remove by law'

 

How do I go about presenting it to the companies that they can remove lates? Is there a law that says they can ?




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Registered: ‎07-19-2010
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Re: How to deal with lates when companies say they can't legally remove?

Yes I was told the same thing :smileysad:

and what is a GW?

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Posts: 28,098
Registered: ‎04-01-2007
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Re: How to deal with lates when companies say they can't legally remove?


CS800 wrote:

I have some lates from differerent companies that Im trying to get removed but I always get the 'we can't remove by law'

 

How do I go about presenting it to the companies that they can remove lates? Is there a law that says they can ?


They are incorrect, either deliberately or through ignorance.

 

The law prevents them from posting negative info that is incorrect. Their agreements with the credit bureaus say that they have to report everything. There's a difference.

 

But there's no point in arguing this with a first-line CSR. They're going to say what they've been trained to say.

* 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
Established Member
Posts: 36
Registered: ‎07-18-2011
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Re: How to deal with lates when companies say they can't legally remove?

This happened to me with a GW to HSBC. After it being forwarded to the CEOffices and what not I got the whole legal thing and ''we dont do goodwills because we follow legal things'' blah blah....but would constant emails and letters help solve this?

 

A letter saying "I was recently told that legally you cannot do anything however here in aticle *blank* section *blank* of the fair credit law ..."etc etc would work

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Posts: 19,848
Registered: ‎03-19-2007
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Re: How to deal with lates when companies say they can't legally remove?

Their credit reporting agreements with the CRAs dont require that they "report everything."    If a prior item of information is made inaccurate due to some later activity, they are arguably required to update that information, but not because that reporting was itself required, but rather because it is necessary to correct the status of a prior reporting.

Their credit reporting agreements with the CRAs are based on the CRA credit reporting manual, which includes the express provision, repeated over and over, that prior, accurate information is not to be deleted from a consumer credit file based on payment of the debt.    That is the "requirement" they are referencing.  However, this statement in the CRA credit reporting manual is entirely without enforcement teeth in that no party is required to provide a reason for the deletion of any information.  They need only report a deletion code.  The CRAs gave no way, and frankly no interest, in the reasons.  I am not aware of a single instance where a CRA has questioned, let alone refused to delete, information based on this "requirement."  It is really a non-issue, and any prior derog can clearly be deleted with no violation of statue, and with no issue of violation of credit reporting agreements.

 

Arguing with a creditor that they can delete is kinda confrontational, as they are clearly within their rights not to delete.  So I would be careful about soliciting their good-will, while at the same time arguing their postition.  That is probably not likely to produce a feeling of good-will on their part.

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