topic Re: Can I challenge 30 days late on a CO'd account? in Understanding FICO® Scoring

Can I challenge 30 days late on a CO'd account?

Anonymous — Thu, 23 Oct 2008 21:30:38 GMT

I checked my two Bally CO's (one from an 02 account one from an 03 account). Both are SOL but they are killing me because even though they have these listed as CO and even though they are 36 month contracts, they list 30 days late every month through '07 so I have a total of 52 lates on my report, that HAS to kill.

Can I challenge and say if the account is closed/charged-off that they cannot ALSO report it as 30-days late each month?

I just went back and checked the old Experian report each of these went;

30 Days

60 Days

90 Days

120 Days

Charged off as Bad Debt

One in May 03 one in May 04. So def SOL.

But once they charged off I fail to see how they can then hit me with a combine additional 52 Late Charges.

Message Edited by nyccc2 on 10-23-2008 02:30 PM

Re: Can I challenge 30 days late on a CO'd account?

RobertEG — Sun, 26 Oct 2008 08:21:57 GMT

I agree, nyccc. Once the account is closed, or placed into CO/CA, the account no longer has continuing monthly bills, and thus no continued default on billing.

They cant have it both ways..... shut it down with a CO/CA and then also assert default on subsequent bills not even rendered.

Re: Can I challenge 30 days late on a CO'd account?

Anonymous — Sun, 26 Oct 2008 12:57:02 GMT

I challenged something similar once succesfully.

My lawyer is in the process of trying to get a PFD on these two Bally's since they are the only baddies on Experian and wants me to not 'muddy the waters'. If they don't stop dragging their butts I am going to challenge though; not only did they ignore document 'request' after they 'verified', the lates are freaking killing my score. I can see where a 4 and 5 yo CO would have a neg impact if the only baddies. But when I view my Summary it says 54 Lates. I think you get dinged per late if I am not mistaken (actually going to post that very q...)

Re: Can I challenge 30 days late on a CO'd account?

Anonymous — Sun, 26 Oct 2008 14:56:21 GMT

When a OC is reporting lates after a CO, you can sue for violation of FCRA by incorrect reporting - account status must reflect closed date at the time of (or before) CO, reporting lates after COs must stop, account type needs to be correct.

I would send an ITS letter.

Re: Can I challenge 30 days late on a CO'd account?

Anonymous — Sun, 26 Oct 2008 15:30:17 GMT

Thanks! What is an 'ITS Letter'? Is that more then a dispute? I have disputed this twice, fell off of TU and Efax, remained on Experian both times. 'Requested' Documentation, they ignored.

Here is what it looks like. As you can see, reported as a loss in '02 not to mention a 36 month contract opened in '00 as they list meaning term contract ended in '03. They show 90 days late for 05 through 07 which has to kill my score. And of course won't show 'Closed Date'. Just 'Reported as Loss' (i.e. Charged Off).

As far as I can tell they stopped reporting lates when I disputed the item itself but left those on.

Can I actually and credibly threaten a suit and can I *force* Experian to remove it based on Lates Plus Charge-Off? I'd be interested in knowing how strong my case is before they actually accept a PFD (though they have ignored that much as they ignored doc requests)...

Bally Total Fitness

Status as of [?]

Dec, 2007

Date opened [?] Mar, 2000

Date of last activity [?] Oct, 2002

Date of last payment [?] Mar, 2002

Date closed [?] Not

Loan type [?] Installment Sales Contract

Terms [?] 36 Months

Account Type [?] Installment

Scheduled payment amount [?] Not Reported

Balance [?]

Current Status [?]

Past Due Amount [?] $360

Unpaid balance reported as a loss by credit grantor $420

Seven year payment history [?] 30 days late 0 times 60 days late 0 times 90+ days late 26 times (Dec 2007, Nov 2007, Nov 2007, Sep 2007, Aug 2007, Jul 2007, Jun 2007, May 2007, Apr 2007, Mar 2007, Feb 2007, Jan 2007, Dec 2006, Nov 2006, Nov 2006, Sep 2006, Aug 2006, Jul 2006, Jun 2006, May 2006, Apr 2006, Mar 2006, Feb 2006, Jan 2006, Dec 2005, Nov 2005) Recent payment history [?] 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 2006 2007 Collection

Worst Delinquency [?] Charge Off, Collection, Or Bankruptcy

Re: Can I challenge 30 days late on a CO'd account?

laz98 — Mon, 27 Oct 2008 06:01:12 GMT

I am so glad I read this thread! I just realized why my Experian score sucks so bad!

A charge-off is reporting as late 28 freaking times!!! 25 are 120+ days late.

Would it be best to dispute this in writing, as....well, I don't know what to dispute.

Status as of Aug, 2008 Unpaid balance reported as a loss by credit grantor

Date opened: Aug, 2004

Date of last activity: Sep, 2005

Date of last payment: Jan, 2005

Date closed: Not Reported (THE CAUSE OF ALL MY PROBLEMS?)

Account number: XXX0979

Loan type: Unsecured Loan

Credit limit: Not Reported

Largest past balance: Not Reported

Terms: 16 Months (THIS IS PROBABLY WRONG)

Account Type: Installment

Account holder: Individual

Scheduled payment amount: Not Reported

Re: Can I challenge 30 days late on a CO'd account?

laz98 — Mon, 27 Oct 2008 06:08:01 GMT

**bleep** IT! I JUST REALIZED MIDLAND IS DOING THE SAME THING ON ANOTHER ACCOUNT!!!

This is for a Verizon CO.

Status as of Sep, 2008

Date opened: Nov, 2006

Date of last activity: Mar, 2007 (I stopped paying on this on Fall 2004)

Date of last payment: Jan, 2008 (Payment made to Midland upon threat of arbitration)

Date closed: Not Reported (Probably an issue for me)

Account number: XXXXXX9513

Loan type: Unknown - Credit Extension, Review, Or Collection (No idea if this matters or not)

Credit limit: Not Reported

Largest past balance: Not Reported

Terms: 1 Month (I guess, since I had to pay Verizon monthly?)

Account Type: Installment (see above)

Account holder: Individual

Scheduled payment amount: Not Reported

Re: Can I challenge 30 days late on a CO'd account?

Anonymous — Mon, 27 Oct 2008 15:28:07 GMT

An ITS letter is an "Intent To Sue" letter.

If it can help, this is what I recently sent to an OC and to a CA for different misrepresented accounts: in one case I actually filed suit in Small Claims - net result, in both cases DELETED tradelines.

Please adapt it to reflect your own situation.

Evil Collector or Creditor
Hell Avenue
Burning Place, HL, 66666

Regarding: Acct. #1234567890 - NOTICE OF VIOLATIONS AND INTENT TO SUE

To Whom It May Concern:

I have recently reviewed my [insert as appropriate: Equifax, Experian, Transunion] credit report and found several anomalies in your reporting.

I am astounded You have reported this account as [insert: a line of credit? Term account? Installment? YOU decide...] - I never had an account of the type you report with [insert the credit entity name...] - I request You to provide me within five (5) days from receipt of this letter with all the information regarding this alleged account, including the date I requested such account, the amount I requested, the amount You granted me, the contract signed by me accepting the terms of this type of account, the highest credit used by me, the collateral used and all other communications regarding usage of this alleged account.

Also, You have willfully misreported the date you have closed this account - this is a violation of Fair Credit Reporting Act, a violation of the e-Oscar guidelines for reporting, and this is purposely causing me damage by an artificial depression of my FICO scores.

Moreover, You have recently updated my credit report and are misrepresenting the account history of this account - this is a violation of Fair Credit Reporting Act a violation of the e-Oscar guidelines for reporting, and this is purposely causing me damage by an artificial depression of my FICO scores.

I hereby request that within five (5) day from receipt of this letter You provide me with all the above requested information, and You immediately amend all the information provided to [insert as appropriate: Equifax, Experian, Transunion] to correctly reflect the nature, history and status of this account.

Should you fail to comply with these reasonable demands within five (5) days of the receipt of this letter, I shall file suit against you without any further notice. At that time, you would be responsible for statutory fines and damages, actual damages and any attorneys fees incurred.

I will also immediately file complaints with the FTC, and the BBBs and AGs in my and your home states.

This letter is not to be construed as an acknowledgement of liability for this or any other debt.

Sincerely,

Your Name
Your Address,
Your Town, YS, Your Zip

Re: Can I challenge 30 days late on a CO'd account?

rom828 — Fri, 31 Oct 2008 17:36:37 GMT

@Anonymous wrote:
When a OC is reporting lates after a CO, you can sue for violation of FCRA by incorrect reporting - account status must reflect closed date at the time of (or before) CO, reporting lates after COs must stop, account type needs to be correct.
I would send an ITS letter.

I have this same issue on two COs! One is reporting 24+ 90 day lates after the charge off date! I tried disputing w/CRAs and they didnt change a thing! Just now on the report it shows "dispute resolved; consumer disagrees"! I was going to just let it go, since on e drops off in 2009 anyway (the other in 2010) but recently BoA cited these accts, specifically the lates that look more recent (2005) that the charge off dates (2003) as reason to decline!

I had an atty help me on some other misreporting issues a while back and got them resolved, so I guess I may need his help again. Any opinion as to whether having an atty send the OC the letter has a greater impact or better results??