I had brought up my credit scores to the 660-675 range through 11/02/13. Just checked and my scores had plummeted to 605. I called Equifax and here is what they told me:
-I have an old credit card acct with BOA that was a charge off ($12k)-DOLA was 10/08. It went to court and I got a judgement (long story-was in FL at time with a terminally ill father). Have made no payments on account since 2008.
-they hired another company to take over account..the third company hired Sessoms and Rogers to collect. I negotiated them down to $3200 as long as they file motion to vacate judgement and remove negative tradeline from all 3 CRAs. Sessoms says the account was bought by TrackAmerica but when I called BOA, they told me they did not sell the account and that they just hired Track America to collect for them. This confused me..
-I told BOA this account was still being reported as "open" and that it should be reported as "closed" especially since it has been over 5 years since I made a payment. This is messing with my revolving acct ratios (94-114%) and that they keep reporting monthly late payments. The guy I spoke to at Equifax said they have been reporting late payments every month since June. I don't understand this!!! I had attempted to negotiate with them before they sold or whatever to Track America and they refused to negotiate...they would not even consider a full payment!
-I have disputed this account three times and all three times BOA has come back and stated the account is being reported correctly. I have spoken to them, with one lady at BOA telling me she would update the CRA's to reflect a "closed" status but that obviously never happened because it is still showing as open and they continue to report monthly late payments. I called BOA again and was told they are reporting correctly. What do I do now???
I went into contract on a house and am scheduled to close the end of January...I had no idea BOA was doing this and now I have late payments showing in my files over the last two years when I am not supposed to be showing any. In October, MYFICO was showing my last late payment was over 3.5 years old, which was correct, now it shows recent lates that shouldn't be there. I need to fix this ASAP.
I have worked so hard for the last three years to pay debt down, fix innacuracies and just when I thought my dream of owning my own home was within reach, BOA does this on an old account THAT I HAVE ALREADY NEGOTIATED payment on. HELP!
This was the same situation my dad was in, he had contacted a attorney to solve this matter and we are 99pct done. What we did was we called the court and asked them who won the judgment, they should be the one you should contact. There should be a file#/ court index number. Remember it get everything in writing, maybe the debt was won by one collector and then they sold it to another etc
FIA card srvs was on the judgment..i am not having issues with that but with the original BOA tradeline. This account should not be reported as "open" since it has been closed since 2008...but BOA refuses to update the CRA's with the correct information and they have been reporting a "late payment" every month since June...this is destroying my credit scores!!! Not to mention the mortgage I was qualified for a few weeks ago I am no longer qualified for.
When I was in the mortgage process, I had something that wasn't reporting right. my mortgage broker was able to get a letter from the creditor showing the correct status, and then she was able to "force-update" my reports by submitting that letter. I may have terminology wrong, but the idea might be worth a shot. Your mortgage broker doesn't want to lose this deal any more than you do, and should be willing to help. Good luck to you!!
Your best bet to get this taken care of since they obviously will not do it themselves is to file a complaint with the CFPB.
What is the CFPB?
It is the Consumer Financial Protection Bureau, a federal agency created by the Dodd Frank Act of 2010. They take complaints from the public on banks, CRAs, CAs, etc. Just turn this whole matter over to them.
Did you pay the judgment? This should have taken care of the BoA account.
If they do not own the account they should be reporting a 0 balance to begin with and from the date it was sold, cannot report lates.
What balance is BoA reporting?
What really needs to be done is find out who owns the account. I would write to the CEO of BoA to find out what is going on.
Well...I spoke to a rep for Equifax and he said BOA changed the account status to "Open" in September and they have been reporting lates ever since. There is a $12k balance and over $2k showing as "past due." The Equifax rep said this is why my score dropped 70pts in the last 30 days. BOA made one more negative update on 12/5.
-I don't understand why BOA is doing this. I closed the account back in 2009 and it was showing as "Closed" until September. Also, the original "Charge off" date was back in the summer of 2009 and the Equifax rep said someone had called in November and updated a new charge off date as 11/12, which is another reason my scores went down. I have copies of 3 year old credit reports showing a "charge off" so I don't know where or why they got the 11/12 charge off date.
-I spoke to a BOA rep last night who told me the account had been "re-assigned" to a collection company this summer. I asked them if it had been sold and they said they didn't know. I told them I had a right to know this information and they would still not provide it but told me it had been transferred to PRA. HOwever, I got a l letter from Sessoms and Rogers stating it was Track America that had the account. They told me that BOA/FIA card services still owned the account and that they had hired Track America to collect on it and that Track America had in turned hired Sessoms and Rogers. None of this seems right to me.
-I told the BOA rep that the Equifax rep had told me minutes earlier it was BOA that was reporting the account as "open" and was continuing to update the account as unpaid on a mothly basis. BOA rep told me they were in fact updating the account monthly as unpaid but that they had reported the account as "closed"...I told them Equifax and other 2 cra's are reporting as "open" and also told them they were not supposed to be doing monthly updates since I had closed account in 2009 and there had been no activity on account since 10/08 but they told me they would be updating account as not being paid monthly anyway. This also doesn't seem right. My sister had a BOA credit card from 8 years ago and that trade line was never updated after it was considered a "charge off" so I don't know why they are doing that with this account.
-I did negotiate with Sessoms & Rogers on an amount much smaller than the original amount but am waiting for written confirmation that they have also agreed to vacate the judgment and that they will remove and/or update any trade line associated with this account. I let BOA know this but they said it did not matter, since that was with another company now and not them. Again, this doesn't make any sense!
-I reached out to my mortgage broker yesterday to see if there is anything I can do besides filing another dispute with the cra's, which I don't think will change anything since I have already filed three other disputes and each time, BOA adds more inacurate and negative information.
-Also, I did find the FCPB website and filed a complaint throught them as well.
-There is an attorney in my town that specializes in consumer law and he has given me some great advice for free before. I left a message for him yesterday. However, I am hoping I don't have to hire a lawyer; it is expensive and time consuming.
I will write a registered letter to the CEO of BOA and let him know what his staff is doing. Thanks for that tip, maybe he will do something....
It sounds like BoA is saying the debt was re-assigned to PRA and you are saying a different one is collecting. Is the one you are negotiating with aware PRA has it now?
If an account is CO'd, as long as money is owed, yes, they can report monthly lates until it is paid. Doesn't matter if the TL is showing open or closed.