topic Re: Need advice for getting a CO removed from Credit One in Rebuilding Your Credit

Need advice for getting a CO removed from Credit One

Anonymous — Mon, 19 Mar 2018 22:48:44 GMT

Hi all! Longtime browser of this forum but decided to register so I can ask you for some advice.

A couple of years ago I tried to pay off the balance on my Credit One card so I can free up the balance to make a time sensitive purchase. I paid the extra $10 so they can process the payment instantly (why they even charge this I don't know, every other Credit Card I own does this for free) so I had enough available credit to cover the charge. A week later they still hadn't processed the payment to make it available which caused me to miss out on a sale item I was trying to buy. Called their customer support to complain (I even asked them why they even charged me the $10 to instantly process the payment but failed to and they had no answer. Probably because I was right.) and they suggested I place a stop payment from my bank for my original payment and resubmit it. So I did that. Little did I know that caused my account to be closed and charged off which dinged my Credit Score hard. I've tried disputing it through the credit bureaus several times with no success.

I'm pretty sure the advice the customer support had given me breaks some sort of Consumer Protection rule. However, I don't have any evidence to prove what had happened on that phone call to support (I never record my phone calls). What sort of options do I have in getting this account deleted from my CR? I'm debating whether to settle the account or just wait the 4 years for it to fall off my Credit Report.

Hopefully I can get this resolved soon so I can work on getting my only other baddie removed, a single late payment to Macy's from 2014 which should be a piece of cake since I have kept the account pristine since then.

Re: Need advice for getting a CO removed from Credit One

RobertEG — Mon, 19 Mar 2018 22:46:26 GMT

You have an issue of a billing-related error on a credit card, which is subject to the comprehensive dispute process under the Fair Credit Billing Act. You must file your dispute within 60 days of occurence of the asserted billing related error.

See the FTC web page for a summary of the FCBA dispute process.

You also, after having disputed an asserted inaccuracy in reporting with a CRA and receiving a verification of accuracy of the reported information, now have the right to file a private civil action, seeking judicial review of their verification of the accuracy of your prior dispute. See FCRA 623(c).

As a side note, how long after the asserted payment delinquency did they charge-off the debt?

Federal guidelines set delinquency at 180 days as normal requirement for taking a charge-off on a credit card debt.

Re: Need advice for getting a CO removed from Credit One

Anonymous — Mon, 19 Mar 2018 23:38:38 GMT

@RobertEGwrote:

As a side note, how long after the asserted payment delinquency did they charge-off the debt?
Federal guidelines set delinquency at 180 days as normal requirement for taking a charge-off on a credit card debt.

It was instant, which was a shock to me. I'm not sure how to or if I can post an image but this is what it looks like: https://s14.postimg.org/l9zngdwsx/creditone.png

it also specifies that the account was "purchased by another lender", which is also inaccurate since I have called them since the dispute and they verified that they still possess the account.

Re: Need advice for getting a CO removed from Credit One

sueblue34 — Tue, 20 Mar 2018 00:24:45 GMT

Cedit One is very nice with GW adjustments maybe you can give it a try.

Re: Need advice for getting a CO removed from Credit One

Anonymous — Tue, 20 Mar 2018 09:58:54 GMT

I dont' think a GW adjustment is gonna help since the balanced owed is about $550. I am considering paying off the account and asking for a Goodwill deletion, but I'm trying to see if I can get it resolved using other means considering the circumstances as to why this account was charged off.