topic Re: FCRA question in General Credit Topics

FCRA question

android01 — Mon, 18 Jul 2011 04:46:22 GMT

Is there anything in the FCRA that requires creditors to report to the CRA's?

I have one 30 day late from 2007 on an old closed BoA account that I've tried to have removed through a GW letter. It's the only negative item on my CR's. BoA refuses to remove it by claiming that they "are required by law to report accurate information".

I was thinking that perhaps I could try again by writing that there is no provision (if true) in the FCRA that requires them to report a TL at all, and to reconsider my request. I read the FCRA, and I can't find anything that forces them to report anything, only if they do report, it has to be accurate. I'm hoping that they will delete the TL altogether - not modify it, correct it, or report it inaccurately. I'm asking that they don't report it at all. It drives me nuts seeing that one "red flag" from a single mistake I made five years ago.

Hopefully those who have more FCRA knowledge can chime in. It would be nice if I'm right and can at least try this approach, or at least make a compelling argument.

Re: FCRA question

Anonymous — Mon, 18 Jul 2011 05:00:53 GMT

When I was getting a collection removed, I got the same line. I quoted the FCRA. Not sure which part, but it basically states that information reported must be accurate, but that is not to say that they must report. Advise them that they are not required to report a late, but if they report a late, that must be accurate.

Re: FCRA question

Anonymous — Mon, 18 Jul 2011 13:31:21 GMT

@android01 wrote:
Is there anything in the FCRA that requires creditors to report to the CRA's?

I have one 30 day late from 2007 on an old closed BoA account that I've tried to have removed through a GW letter. It's the only negative item on my CR's. BoA refuses to remove it by claiming that they "are required by law to report accurate information".

I was thinking that perhaps I could try again by writing that there is no provision (if true) in the FCRA that requires them to report a TL at all, and to reconsider my request. I read the FCRA, and I can't find anything that forces them to report anything, only if they do report, it has to be accurate. I'm hoping that they will delete the TL altogether - not modify it, correct it, or report it inaccurately. I'm asking that they don't report it at all. It drives me nuts seeing that one "red flag" from a single mistake I made five years ago.

Hopefully those who have more FCRA knowledge can chime in. It would be nice if I'm right and can at least try this approach, or at least make a compelling argument.

There is nothing that forces a creditor to report, but when they do choose to report they must report accurate data.

Bank of America is a tough nut to crack. I do not know of anybody being successful in getting a GW adjustment out of them.

Re: FCRA question

GregB — Mon, 18 Jul 2011 14:01:24 GMT

I tried several times with BofA to remove my single negative on my reports, which was 6 years old. At the time they were reporting one 30-day late, which was paid 32 days late and in full - about $8,000. My idiot ex mailed two payment in a row to the wrong address and they were returned. By the time it was sent to the correct address it arrived two days after the next statement was generated. I was running $10K-15K a month through my 3 BofA accounts with combined CL of $117K. My EQ FICO at the time was 739 with the one late.

I have to believe at the time I would have been a very important customer to BofA. They simply would not budge. I eventually just waited out the 7 years.

"Hard nut to crack" has been my experience.

Re: FCRA question

Anonymous — Mon, 18 Jul 2011 14:09:57 GMT

@GregB wrote:
I tried several times with BofA to remove my single negative on my reports, which was 6 years old. At the time they were reporting one 30-day late, which was paid 32 days late and in full - about $8,000. My idiot ex mailed two payment in a row to the wrong address and they were returned. By the time it was sent to the correct address it arrived two days after the next statement was generated. I was running $10K-15K a month through my 3 BofA accounts with combined CL of $117K. My EQ FICO at the time was 739 with the one late.

I have to believe at the time I would have been a very important customer to BofA. They simply would not budge. I eventually just waited out the 7 years.

"Hard nut to crack" has been my experience.

Yikes!

I heard Bank of America was tough, but I never thought they would be that tough.

Re: FCRA question

RobertEG — Mon, 18 Jul 2011 15:32:27 GMT

Credtitors will often make such assertions, but they are turning a negative into a positive.

By that, I mean that reporting to a CRA is governed by FCRA 623(a)(1), which states that a furnisher of information may not knowlingly report inaccurate information to a credit reporting agency. It does not place any requriement on a credtior or debt collector that they cannot delete information, even if it is accurate.

If a creditor chooses not to report to a CRA, then they could not, by simple logic, have ever reported inaccurately. So, no, there is no requriement that they ever report. They have to pay money to report to a CRA. The FCRA does not compel that upon a creditor.

The sand in the ointment is the question of whether, after initially deciding to report information to a CRA, they have an obligation to thereafter report information that is necessary to update changes in the information in order to maintain its accuracy. The answer to that is yes.

However, the deletion of any prior reporting of a derogatory item of information does not render that reporting of a deletion inaccurate. They have just chosen to delete it, for whatever reason. Deletion does not equal an admission of inaccuracy of their prior reporting.

The real issue is solely an administrative, as opposed to a statutory FCRA, issue. CRA reporting guidelines instruct furnishers of information not to delete prior, accurate reporting based solely upon payment of the debt. That is not a statutory prohibition, and the CRAs dont ask for and dont require that the reporting of a deletion must provide reasons. If the furnisher reports a deletion, the CRA must delete, unless they challenge the reporting on the basis that it is a violation of their internal credit reporting guidelines. I have never heard of a CRA doing that.

Re: FCRA question

GregB — Mon, 18 Jul 2011 22:39:30 GMT

I am thinking that BofA would be far better off if they had removed the 30-day late for me. I am assuming that they just have a standard policy to never remove anything. The alternative is that I just ran into a string of CSRs that didn't want to help me.

Perhaps their size is working against them and they just have a policy of no deletes, ever.

Anyone ever get something removed with a GW?

Re: FCRA question

android01 — Tue, 19 Jul 2011 00:03:45 GMT

@GregB wrote:
I am thinking that BofA would be far better off if they had removed the 30-day late for me. I am assuming that they just have a standard policy to never remove anything. The alternative is that I just ran into a string of CSRs that didn't want to help me.

Perhaps their size is working against them and they just have a policy of no deletes, ever.

Anyone ever get something removed with a GW?

I've tried and tried to no avail. I have a lot on money tied up with BoA in LOC's, trusts, IRA's. I am also a member of their Private Clients Group, so I have two dedicated, relatively high powered CSR's that deal with me, and they've gone up the food chain on my behalf and can't get any help. I think they do have a policy of "no deletes, ever." I have contacted the executive offices through a letter to [Edited], their CEO. A very nice assistant called me and told me that "]Edited] himself cannot grant your request."

Full names are not allowed to be posted as per the Forum's Terms of Service which prohibit the posting of:

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MarineVietvet, myFICO moderator

Re: FCRA question

kjm79 — Tue, 19 Jul 2011 20:20:59 GMT

OP, try giving Planetfeeback.com a shot. Some members have had great success with getting in touch with the right person that way.

Re: FCRA question

android01 — Wed, 20 Jul 2011 12:52:00 GMT

@android01 wrote:
@GregB wrote:
I am thinking that BofA would be far better off if they had removed the 30-day late for me. I am assuming that they just have a standard policy to never remove anything. The alternative is that I just ran into a string of CSRs that didn't want to help me.

Perhaps their size is working against them and they just have a policy of no deletes, ever.

Anyone ever get something removed with a GW?
I've tried and tried to no avail. I have a lot on money tied up with BoA in LOC's, trusts, IRA's. I am also a member of their Private Clients Group, so I have two dedicated, relatively high powered CSR's that deal with me, and they've gone up the food chain on my behalf and can't get any help. I think they do have a policy of "no deletes, ever." I have contacted the executive offices through a letter to [Edited], their CEO. A very nice assistant called me and told me that "]Edited] himself cannot grant your request."
Full names are not allowed to be posted as per the Forum's Terms of Service which prohibit the posting of:

Any personal information belonging either to the poster or another person, including, but not limited to, full name, address, phone number, email address, social media accounts (Facebook, Linkedin, etc.);

MarineVietvet, myFICO moderator

Really? Even the CEO of a publicly traded company that you see in the newspaper practically every day? No problem! Lesson learned.

Re: FCRA question

android01 — Wed, 20 Jul 2011 12:53:29 GMT

Thanks! i'll give it a try.

Re: FCRA question

Booner72 — Sat, 25 May 2013 16:17:38 GMT

WOW! Your scores are all over 800 with a 30 day late - that is surprising. Be happy about that!