topic GW Turn Down - NFCU in Rebuilding Your Credit

GW Turn Down - NFCU

tim1017 — Wed, 20 Nov 2013 14:12:49 GMT

Got a 12 hr response time for my GW E-mail. Also sent letter but here was there response.

"Thank you for your message. Please be advised that we are unable to remove legitimate account information from your credit report, as these details constitute your credit history. Valid credit records may not be altered. If you have any further questions or concerns, please let us know."

Now I know they are not LEGALLY bound to report this line, but I'm having some trouble coming up with the right wording. Any sugestions? I want to quote a source but not sure how to include the FCRA.

Re: GW Turn Down - NFCU

DaBears — Wed, 20 Nov 2013 14:15:16 GMT

What was the GW for?

Re: GW Turn Down - NFCU

tim1017 — Wed, 20 Nov 2013 14:28:58 GMT

Credit card closed by creditor.

Re: GW Turn Down - NFCU

madmann26 — Wed, 20 Nov 2013 14:37:52 GMT

@tim1017 wrote:
Credit card closed by creditor.

That's vague. Was it closed because of being charged-off? Or because of some other reason?

Re: GW Turn Down - NFCU

tim1017 — Wed, 20 Nov 2013 14:52:06 GMT

"CLOSED BY CREDITOR" is what is stated on the trend line. Not a charge off, or collectinos, due to lack of usage. Happened to a lot of people during the recession.

Re: GW Turn Down - NFCU

madmann26 — Wed, 20 Nov 2013 14:54:51 GMT

@tim1017 wrote:
"CLOSED BY CREDITOR" is what is stated on the trend line. Not a charge off, or collectinos, due to lack of usage. Happened to a lot of people during the recession.

That's not necessarily a bad thing. During a manual review any potential new creditor would review the payment history and would inquire to you as to what that means.

Re: GW Turn Down - NFCU

DaBears — Wed, 20 Nov 2013 14:56:11 GMT

Keep sending GW letters. if they don't budge it will stay on your credit reports for 10 yrs from date closed.

Re: GW Turn Down - NFCU

tim1017 — Wed, 20 Nov 2013 15:03:19 GMT

Appreciate the comments but I'm looking for suggestions as stated in my original post

"Now I know they are not LEGALLY bound to report this line, but I'm having some trouble coming up with the right wording. Any sugestions? I want to quote a source but not sure how to include the FCRA."

Re: GW Turn Down - NFCU

DaBears — Wed, 20 Nov 2013 15:47:45 GMT

Even if they had inaccuratcies, there is nothing in the FCRA that states they have to delete their trade line. plain and simple.

Re: GW Turn Down - NFCU

Anonymous — Wed, 20 Nov 2013 15:52:23 GMT

@tim1017 wrote:
Appreciate the comments but I'm looking for suggestions as stated in my original post

"Now I know they are not LEGALLY bound to report this line, but I'm having some trouble coming up with the right wording. Any sugestions? I want to quote a source but not sure how to include the FCRA."

It might help to know why you want it changed. As stated, it is not a bad thing and is not even scored by FICO.

The FCRA does give the consumer the right to have Closed by consumer inserted if that was the case.

Re: GW Turn Down - NFCU

newmomnewme — Wed, 20 Nov 2013 16:02:30 GMT

@tim1017, is this having a negative impact on your score? was the account actually closed by them or not?

I suggest you keep sending letters and hope you get the right person. Would it hurt if you stated that the comment is not required by law?

Re: GW Turn Down - NFCU

tim1017 — Wed, 20 Nov 2013 16:18:14 GMT

It's a vlid trend line, hence the GW attempt and not DV. Here is my response, again this was via the message system NFCU has:

" Hello and thank you for your response. I have researched the fact that the creditors are not required to report anything to the credit reporting agencies in the Fair Credit Reporting Act. I am not requesting that NFCU alter or remove anything in my credit history but simply not report this particular item. I feel my patronage of almost two decades would warrant at least some consideration and humbly request you reconsider. There is nothing legal prohibiting you to not report this item. For reference here is a link to the Fair Credit reporting Act I am citing http://www.ftc.gov/os/statutes/031224fcra.pdf

Best regards,

Tim and family"

I believe it is a negative on my score because it is listed in the my credit reports under "NEGATIVE ACCOUNTS"

Re: GW Turn Down - NFCU

newmomnewme — Wed, 20 Nov 2013 16:36:13 GMT

do you have late payments associated with the TL? If so, maybe try to GW remove those instead of the comment?

Re: GW Turn Down - NFCU

tim1017 — Wed, 20 Nov 2013 21:22:17 GMT

I do not have any LATES associated to this account. Sorry, I haven't figured out how to quote a previous message on this forum yet.

Re: GW Turn Down - NFCU

newmomnewme — Wed, 20 Nov 2013 21:24:21 GMT

@tim1017, I think you are doing all you can.

To Quote, click the quote button next to the spell check button...top left of the body text box.

Re: GW Turn Down - NFCU

Anonymous — Fri, 22 Nov 2013 13:11:12 GMT

there has to be something negative about the account for it to be listed under negative accounts. it simply doesnt get thrown into negative accounts just for being closed by grantor. was there ever a late? was the account closed with a balance reporting? Is there a balance being reported now with the account closed?

Re: GW Turn Down - NFCU

tim1017 — Fri, 22 Nov 2013 23:16:51 GMT

@Anonymous wrote:
@tim1017 wrote:
Appreciate the comments but I'm looking for suggestions as stated in my original post

"Now I know they are not LEGALLY bound to report this line, but I'm having some trouble coming up with the right wording. Any sugestions? I want to quote a source but not sure how to include the FCRA."
It might help to know why you want it changed. As stated, it is not a bad thing and is not even scored by FICO.

The FCRA does give the consumer the right to have Closed by consumer inserted if that was the case.

Maybe I'm just over concerned. I thought the "CLOSED" account would be a negative mark but if it's not hurting my score my energy and focus should be spent elsewhere. THANKS EVERYONE!!!

Re: GW Turn Down - NFCU

tim1017 — Fri, 22 Nov 2013 23:18:18 GMT

@Anonymous wrote:
there has to be something negative about the account for it to be listed under negative accounts. it simply doesnt get thrown into negative accounts just for being closed by grantor. was there ever a late? was the account closed with a balance reporting? Is there a balance being reported now with the account closed?

One late, no balance at the time of closing or now.

Re: GW Turn Down - NFCU

Anonymous — Fri, 22 Nov 2013 23:44:27 GMT

@tim1017 wrote:
@Anonymous wrote:
there has to be something negative about the account for it to be listed under negative accounts. it simply doesnt get thrown into negative accounts just for being closed by grantor. was there ever a late? was the account closed with a balance reporting? Is there a balance being reported now with the account closed?
One late, no balance at the time of closing or now.

Re: GW Turn Down - NFCU

Anonymous — Fri, 22 Nov 2013 23:44:46 GMT

@tim1017 wrote:
I do not have any LATES associated to this account. Sorry, I haven't figured out how to quote a previous message on this forum yet.

so which is it?