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Hi All,
I have a question. I was thinking about refinancing my house. I screwed up and missed a couple of payments for my BoA card and noticed that my credit score took a big hit. I seriously thought that i had paid it and next thing i know it was 60+ days overdue. I made it current and have been paying it on time since then but this is the only negative on my account for the past 3 years or so. What are the chances of my getting this removed if I call up and ask? just wondering, unfortunately I had a smilar situation with Barclays like 3 years ago and they refused. These are the only 2 negatives on my report in the past 7years. it would be big if BoA would remove this for me.
Thanks.
Thanks for the explanation Geez, that sucks.
It never hurts to ask. However you might have to write in and ask someone who has a bit more authority to do so.
@Anonymous wrote:
Most banks will not remove delinquencies from credit reports as a goodwill - there usually has to be some sort of error on their part or something they accept as their error. Making goodwill adjustments to credit reports could put them in violation of the Fair Credit Reporting Act (mandating accurate reporting - and you did admit it is accurate). Since the economic downturn, banks are heavily and randomly audited by the government and most banks don't want to take that chance.
Making goodwill ajustments is NEVER a violation of FCRA - but banks and creditor LOVE to make people believe that. Negative info is not legally REQUIRED to be reported. The law simply states that the information that is reported must be accurate. They can simply report "no data" for a particular month in order to give a goodwill adjustment.
Deletion of negative information is NOT inaccurate reporting.
@Anonymous wrote:
@Anonymous wrote:
Most banks will not remove delinquencies from credit reports as a goodwill - there usually has to be some sort of error on their part or something they accept as their error. Making goodwill adjustments to credit reports could put them in violation of the Fair Credit Reporting Act (mandating accurate reporting - and you did admit it is accurate). Since the economic downturn, banks are heavily and randomly audited by the government and most banks don't want to take that chance.Making goodwill ajustments is NEVER a violation of FCRA - but banks and creditor LOVE to make people believe that. Negative info is not legally REQUIRED to be reported. The law simply states that the information that is reported must be accurate. They can simply report "no data" for a particular month in order to give a goodwill adjustment.
Deletion of negative information is NOT inaccurate reporting.
Norman is 1000% correct. With that being said, I've asked BOA at least 4 different times for a goodwill adjustment and they keep turning me down. I personally don't care for them anymore but am too lazy to close the account and start with a different bank. They want you to believe that they are some holy power that must do the right and report credit accurately. I pointed out in my letter that it isn't illegal to not report data and they just keep giving me the same BS about accurate reporting.
In actuality, the FCRA does not even mandate that reporting must be accurate.
No statute can mamdate human accuracy.
FCRA 623(a)(1) mandates that reporting must not knowingly be inaccurate.
A very different requirement.
If reporting is considered inaccurate, the FCRA includes a dispute process for bringing that matter to the attention of the furnisher, and requires that they then conduct a reasonable investigation, and if they concur that the reporting is inaccurate, either correct or delete the reporting.
There is no FCRA violation per se for the reporting of inaccurate information.
Along that line, the consumer is precluded under the FCRA from bringing their own personal civil action against a furnisher.
They must first file a dispute, and provide the furnisher the opportunity to correct or delete.
If the furnisher fails to do so, then the consumer can bring civil action of lack of adequate investigation of theri dispute, but not directly for the reporting of inaccurate information.