Rebuilding Your Credit

[Rwp2906]

I recently refinanced my mortgage and took cash out to pay some debt, one of which was my auto loan with Wells Fargo. I called to advise them the payoff was coming and they "made a note in their system." Payoff was sent to Wells Fargo, took a while to show in my account online and when it posted it was 30 days late. "Effective date" was on time, but "Posted date" was 32 days over. My credit score dropped 80 points.  I called Wells Fargo and they are refusing to adjust the late and I don't know what to do. I am livid! Does anyone have any advice as to how to deal with this???

[llecs]

Where is the "effective date" coming from? Do you have anything from Wells Fargo, online or within their docs, showing that they received the payment before the due date? And was the posted date 32 days following the date paid?

[Rwp2906]

In my online account under payment activity it has the payoff amount with an effective date of 1/19/2013 (the day payment has to be received before it's 30 days past due). Right next to it it has a posted date of 1/22/2013, also listed is an adjustment for a late charge.and adjusted interest amount. These all say "Effective date" of 1/19/2013.

[guiness56]

The way I understand it is the payoff date for a loan is the date you requested the payoff balance.  It has to be recieved that day to get that amount stated.  If you were told the payoff for 1/19/2013 was a specific amount but they didn't get it for another month, money would still be owed.

[madmann26]

Usually a pay-off amount factors in 15 days or so of lead time.

[guiness56]

I'm not sure.  Everytime I requested a payoff I had to request a date.

At any rate, if that is the case, in the OPs situation, it still would not have made it on time.

[PatriotMan]

Have you talked to supervisors above the front line? Have you filed disputes with the CRAs yet? Have you filed a complaint with the CFPB?

[jadeite788]

My first question is why did it take 32 days to post to account.  I never heard of that.

[Rwp2906]

I did dispute through the credit bureaus. I also faxed and mailed a letter to the Wells Fargo dispute unit....just waiting to see what happens.