topic Re: HSBC Reporting Problems in Rebuilding Your Credit

HSBC Reporting Problems

nashfm — Thu, 22 Apr 2010 04:27:40 GMT

I have a paid in full charge off with HSBC that they continue monthly to report as settled for less than full balance. I have contacted them over 30 times and they continue to report it incorrectly. I even have a letter from them stating I paid in full. I sent this to the CRA in Feb and they updated to paid in full. Then in March HSBC reported as settled again. I once again sent my letter to the CRA and they updated it tp paid in full in March. Now once again HSBC has reported it as settled. I have emailed the president, sent over 30 letters and faxes. Every time they respond with a letter stating they are reporting as paid in full yet monthly report it as settled. What can I do about this. Are they not ciolating an FCRA rules. I am considering legal action if possible as they have continued to do this monthly and I have documented all of my contact with them over the past 4 months.

Re: HSBC Reporting Problems

nashfm — Thu, 22 Apr 2010 16:22:56 GMT

Anyone?

Re: HSBC Reporting Problems

Anonymous — Thu, 22 Apr 2010 17:07:47 GMT

Perhaps go the BBB/FTC route?

Re: HSBC Reporting Problems

Anonymous — Thu, 22 Apr 2010 19:39:10 GMT

Many companies use tapes to update your CRA accounts. If they are not updating those, it will continue to report incorrectly.

I would contact them again and ask how the report to the CRAs and ask them to fix it.

Re: HSBC Reporting Problems

srjjames — Thu, 22 Apr 2010 21:15:11 GMT

I am also in the same boat. I received a letter from HSBC today saying that I they have received multiple disputes regarding my account. They are reporting the account status to the three major consumer-reporting agencies as Paid in full, after charge off. Won't this still hurt my score? I would like to get the TL removed because I had alot of lates reporting with HSBC. Is there anything else that I can do?

Re: HSBC Reporting Problems

Anonymous — Thu, 22 Apr 2010 22:34:50 GMT

Paid after CO is still a negative mark.

Was it CO'd and did you pay it after it was CO'd?

Re: HSBC Reporting Problems

srjjames — Fri, 23 Apr 2010 03:37:46 GMT

Yes, it was CO'd and I did pay it after it was CO'd. What can I do to get this TL removed? I have disputed it a number of time. What would be the best stop to get this removed now? Phone call???

Re: HSBC Reporting Problems

RobertEG — Fri, 23 Apr 2010 04:04:51 GMT

Nothing you can legally do to "get it removed."

The OC had account deliinquencies that preceded the charge off, and then they did a CO.

You then paid the debt after CO.

The OC is now updating account status as paid for less than the full amount, and you are asserting that they should be reporting as paid in full?

Payment in full vs. payment for less than the full amount is a legal issue that you have to resolve, either between yourselves, or if you should choose to do so, by bringing civil litigtion against the OC.

But. from a FICO perspective, it just does not matter.

Payment of a debt, in full or in part, with or without a settlement agreement, has nothing to do with removal of the derog from your CR.

FICO will still include the pior derog regardless of how, when, or if it was paid, unless you had a contractial PFD agrement with them before the fact.

If they are reporting paid in full, I dont see any grounds for deletion.

The best I think you could hope for is an update of account status from settled to paid in full.

That will have no FICO implications, and will only improve your CR when subjected to a manual review.

Any creditor can update your CR monthly. The only requriment is that what they report is accurate,to the best of their knowledge.]

They are reporting on the debt, not on yoor protestations.

I see no FCRA violations.

Re: HSBC Reporting Problems

Anonymous — Fri, 23 Apr 2010 17:40:54 GMT

@srjjames wrote:
Yes, it was CO'd and I did pay it after it was CO'd. What can I do to get this TL removed? I have disputed it a number of time. What would be the best stop to get this removed now? Phone call???

Since it is paid or settled, you can send a GW letter and ask for its removal.

If they say no, ask if you pay the remainder of the balance will they delete. Just because it is paid does not mean it is automatically removed from your CR.