Help with hardship issues and FICO

[Anonymous]

Last month I gt a call to reduce my interest rate on a cc if I agreed to make automatic payments and close the account...fast forward 30 days and my fico went down 80 points.  I looked at the report and and it indicates that I am late on this account(it is flagged and shows "not reported" in pays on time section.  How do I fix this?

[Anonymous]

You have to file a dispute.  I did this for something else a few months ago. Go and get your free credit reports from the actual agencies, and then look for the section that says to file a dispute. When I did it, it took a few days, and then they fixed it.

This is assuming you actually were making the payments.  Did your automatic payments not get setup properly?  Or were there insufficient funds?

Hopefully it's just a mistake, and you are not at fault (in which case the dispute should work).  Good luck!

[Anonymous]

bump

[Anonymous]

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kingzoo wrote:
Last month I gt a call to reduce my interest rate on a cc if I agreed to make automatic payments and close the account...fast forward 30 days and my fico went down 80 points.  I looked at the report and and it indicates that I am late on this account(it is flagged and shows "not reported" in pays on time section.  How do I fix this?

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Did you happen to get the terms of the harship agreement in writing? If so, did the terms describe how the account would be reported? Were you required to sign anything and return it to your lender, and if so, did you? Did you call the lender to ask why the late was reported?

Some other thoughts-- How did you pay? Have you checked to make certain that the agreed upon payment was received? On time? Were you working on some type of hardship agreement, last month, when a payment was due, and started paying again this month?

I would absolutely NOT file a dispute with the CRAs yet. First, try to figure out what went wrong by working with the lender, that way, if you do have just cause to dispute at a later date, you won't run the risk of the CRAs refusing to reinvestigate, and all the headache that comes with that.

[IOBA]

Which company was this with?

Bank of America will automatically report 6 months late as a "punishment" for being on a payment plan.  They have done this to numerous people that I know.  (Have personally seen it on their credit reports.)   And they were never late with their payments, not even during the transfer to the payment plan. 

[marty56]

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@IOBA wrote:

Which company was this with?

Bank of America will automatically report 6 months late as a "punishment" for being on a payment plan.  They have done this to numerous people that I know.  (Have personally seen it on their credit reports.)   And they were never late with their payments, not even during the transfer to the payment plan. 

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Interesting.  I always new that BofA was anti DMP and the ulitimate corporate bottom feeder and it's worse when they do it to those who make a deal with them directly.

[Anonymous]

I can attest that BOA will still ding you with lates when you are on an agreed payment plan (or at least they used to) 

We set up a hardship payment plan with BOA (long story) and despite having BOA set up automatic drafts from our bank each month for the agreed amount  BOA still reported us as 90 days late for each month.

Almost 7 years and many ignored GW letters later, time is the only thing removing those lates...... 1x 90 and 1x 60 day late to go..... two months to a clean report

Call BOA and see if you can get it in writing that they will report you as paid as agreed.