topic Re: Follow up to Merrick Charge Off question in Rebuilding Your Credit

Follow up to Merrick Charge Off question

HowDoesThisAllWork — Sat, 14 Aug 2021 18:21:27 GMT

I am still new to this forum and have greatly appreciated all of the insight and knowldege shared with me (specifically) as I have asked several "rookie" questions. Still learning. Still working on a rebuild. Still working on this one baddie on my credit reports.

First, a brief overview of the situation and then my two or three questions (to provide you good folks with a bit of a road map...this post will look loooooong)!

Short version of this situation is:

1. had a Merrick Credit Card back in 2015/2016/2017

2. had some "issues"

3. made no payments starting in April, 2017 and the account was charged off in November, 2017

4. ignored everything for two years

5. November, 2019 I contact the CA (which was a Merrick in-house CA best I can tell) and paid off the debt entirely over one year

6. Merrick updates status as "paid in full, was a charge-off"

7. Merrick is still updating the account each week, however, with Equifax and Transunion. Oddly, not with Experian.

I have disputed with Equifax (back in June, 2021....resolved on July 2, 2021). I have had several follow-up conversations with Equifax and receive somewhat different results / information each time. The first time I followed up (because I could not see the pdf dispute results file in my myequifax account) I had a very kind gentleman on the phone who went over this with me and then we discussed a few more points. He seemed to fully grasp what I was trying to accomplish and was quite helpful. There was another follow up phone call a few days later. Then I followed up today. Today Equifax told me that the creditor has (A) updated the account on the 12 of August and (B) not officially reported this account as "closed" with them. Well drats.

Please find attached four screen shots. The first two are of this account on my Equifax credit report (from August, 2021) and the next two are of this account on my Experian and Transunion credit reports (also from August, 2021). Maybe these will help "paint the picture"!

My questions:

1. What are the responsibilities of the creditor to report an account as closed? And what constitutes exactly a closed account? Seems like a simple question, but possibly more to it than meets the eye?

2. If the creditor reports an account as closed to one CRA (please see the last screen shot which is of my Transunion Credit Report which clearly has a "Date Closed" of "09/01/2017" listed) why would same creditor not report the same account as closed to another CRA (please see the second screen shot which is of my Equifax Credit Report...you can see the yellow highlighted fields...the "Date Closed" field has no date shown).

3. Why is the Agent at Equifax telling me that the creditor has not reported this account as closed when it shows up as "CW Nexus Credit Card (Closed)". I asked him his and he told me because there was no date reported in the "Date Closed" field. Which I can understand - to a point. Logically, that makes sense. For an account to be closed, there needs to be a "Date Closed" value.

He has suggested to me that I need to contact Merrick (aka, CW Nexus) and request that they report it as closed with the official date. I am - to be honest - hesitant to contact CW Nexus as they are not the kindest of people (I understand that I did not pay my debts to them on-time and that there was ultimately a three-year delay in paying...so I get that I am not in the best graces. They just seem vindictive to me....and I am nobody's victim. I have owned this debt and accepted my responsibilites - late, to be sure....but I did handle this!)

Follow-up questions:

1. Since there is no "Date Closed" data the Equifax agent stated that the creditor has never officially updated Equifax as to this account being closed. He assured me that once this field is populated and this account is officially updated as closed, that the creditor would not be able to update the account any longer. And it is the "Date Reported" field and its weekly updated values that I initially disputed. I am concerned that may or may not be the case. My Transunion Credit Report shows a "Date Closed" value of 09/01/2017 yet it is being updated every week / every other week and currently has a 08/05/2021 value.

WHAT IS THE FREAKING RULE WITH RESPECT TO CHARGE-OFFS THAT HAVE BEEN PAID IN FULL AND THE CREDITOR UPDATING THE ACCOUNT (ASSUMING THAT IT IS "CLOSED")?

I hope that this all makes sense? I know what I am trying to ask....

Re: Follow up to Merrick Charge Off question

gdale6 — Sat, 14 Aug 2021 19:26:38 GMT

There is only one issue here and it is that once a CO account is paid off and the balance is updated to zero updating of the account is to stop per CRA rules. You need to get a supervisor and tell them that the creditor is violating their rules about how such accounts should be handled. Date closed doesnt really mean anything nor saying that its closed as long as status is paid with 0 balance.

Re: Follow up to Merrick Charge Off question

HowDoesThisAllWork — Sat, 14 Aug 2021 21:28:36 GMT

Awesome. Thank you. As a sidebar, I contacted Transunion last week (two different times....I tend to not have much luck with 'customer service' until I speak to four people) and was told that they can not do anything and that I needed to contact the creditor. So, it is not only Equifax providing that inaccurate information. Might I ask from where in the rules you see this so that I might educate myself and reference it if and when I need to do so? Thank you....you have been always so helpful.

Re: Follow up to Merrick Charge Off question

HowDoesThisAllWork — Sun, 15 Aug 2021 15:01:48 GMT

So what is your advice when you spend nearly two hours on the phone with Equifax and you speak with a Supervisor, who continues the narrative that the Support Agents are making (that the account is not closed and that it needs to be closed.....that the only entity that can stop updating this account is the Original Owner, that I need to contact CW Nexus - aka, Merrick)?

They really seem stuck on the lack of a "Date Closed" value. I mean, the danged account shows as closed in the freaking Equifax report [shows as CW Nexus Credit Card (Closed)]. They are really stuck on the lack of a Date Closed value.

And they dismiss the fact that the account was paid in full and that the final payment made on December 1, 2020 brought the balance down to $0 and that this is the last time the account can be updated (because the account was paid in full).

UGH!

Re: Follow up to Merrick Charge Off question

OmarGB9 — Sun, 15 Aug 2021 18:51:25 GMT

@HowDoesThisAllWork wrote:
So what is your advice when you spend nearly two hours on the phone with Equifax and you speak with a Supervisor, who continues the narrative that the Support Agents are making (that the account is not closed and that it needs to be closed.....that the only entity that can stop updating this account is the Original Owner, that I need to contact CW Nexus - aka, Merrick)?

They really seem stuck on the lack of a "Date Closed" value. I mean, the danged account shows as closed in the freaking Equifax report [shows as CW Nexus Credit Card (Closed)]. They are really stuck on the lack of a Date Closed value.

And they dismiss the fact that the account was paid in full and that the final payment made on December 1, 2020 brought the balance down to $0 and that this is the last time the account can be updated (because the account was paid in full).

UGH!

Then file a complaint with the CFPB, the BBB, and your state's AG against both Merrick/Nexus and the 3 CRAs (separately). Explain everything that's happened and be sure to include any proof.

Re: Follow up to Merrick Charge Off question

HowDoesThisAllWork — Wed, 18 Aug 2021 22:03:05 GMT

Hello, all!

SO, I decided that I would go straight to the source. Yes, sir! Yes, ma'am! I called Merrick this morning. I am going to write them a letter and list out the details that I think need to be reviewed and modified and we will see what happens!

My frustration through out this process has been, actually, with the two CRAs (Equifax and Transunion). Only one of the numerous phone calls with Equifax was with someone who did not seem to get stuck on "Hey, this account is not showing as closed with us" and who did indeed seem to be focused on - from my perspective - the relevant data: the Balance being $0 (because of the 'paid in full' status). Additionally, with that one exception, all representatives and Supervisor at EquiFax told me that they could not do anything. The one phone call with TransUnion resulted in the same (we can not do anything....so call the Lendor directly).

So, I am going to give Merrick (aka, CW Nexus) an opportunity to prove most of the people in these forums wrong (in that so many people have stated that Merrick is really tough and mean and nasty and and and) and to do the right thing. I am good with this decision.

I am going to write that letter tomorrow and send it off to NY (where Merrick is located for this type of situation) and I will let y'all know what happens.

If this course of action does not yield the desired results (which, to be honest, is simply to get this stuff correct....whatever that might mean) then I do have another plan (which I really do not want to do....but I am not messing around here any longer....this is the one baddie on my credit reports and I REALLY want to purchase a house in the next 12 - 24 months!!!!)......

Re: Follow up to Merrick Charge Off question

HowDoesThisAllWork — Thu, 19 Aug 2021 16:16:41 GMT

Letter drafted, screen shots from EquiFax and TransUnion Credit Reports attached to letter, letter mailed! ETA is Monday, the 23rd. Let's see what happens!

Re: Follow up to Merrick Charge Off question

HowDoesThisAllWork — Sat, 21 Aug 2021 15:54:39 GMT

USPS confirms that the letter was delivered this morning at essentially 8AM. It is in Merrick's hands now (quite literally).

Re: Follow up to Merrick Charge Off question

Onlinecreditnewbie2 — Sat, 21 Aug 2021 19:04:06 GMT

I just love the data.

Humble opinions, are my own - and so is the data/technical feedback.

First - I would just go the the CFPB, include the Bank and the CRA's. Then ---

I want to help confirm what you think you are seeing, and share some insight on the data elements in this tradeline - so you can dispute the issues and with supportive details, to resolve what you have on your report/profile.

Equifax - is the easiest to see this on, if needed, I can help you the other 2 CRA's (my humble technical opinion on the data, I am not a Debt Counselor/Repair org. I just love the data, and Metro2.

1. Yes, to close an account completely and accurately - a Data Furnisher (in this case a Creditor is expected to publish DATA (as per Metro2) to close the account. A Date Closed is imperative as is the Activity Designator - if you have any other tradeline that closed with NO hiccups -take a look.
2. The same way a Banking institution can stamp - CLOSED, DATE CLOSED and NO Available Credit - should you then expect to see this in your consumer report.
3. You will care about a COMPLETE and ACCURATE tradeline, and as per FCRA
4. It does matter, when you have an OPEN account, that is NOT OPEN - and then where the LAST Payment Rating is actually still reporting as CO or Charged off - think about that one for a minute, and how this - could be used in calculating your/anyone's scores.
5. Unless you masked the account number on Equifax - you don't even have an Account Number
6. The account is CLOSED (at least in the description) question for you -all, how would you ever have Available Credit being reported? If its actually true - get another card :--).
7. Payment History - well, it was never updated to reflect the "Paid After Charge Off Status" so NO Payments were reflected or reported.
8. "Activity Designator" - is blank, and should not be, and is used to drive the state of the account - its not closed, its not charged off - its just, well open.
9. Date Closed - yes, it is required on a Tradeline sent to a CRA - when it is closed
10. Take a look at your Equifax report - under the "Account History" section - Balance, its not factually populated and - that "$0" was the only thing reported on this account, which is what brought the BALANCE to 0. the rest of it - is missing and since inception of the tradeline.

Just some thoughts out loud - DATA means everything in a report.

Have a peaceful weekend.

Re: Follow up to Merrick Charge Off question

Onlinecreditnewbie2 — Sat, 21 Aug 2021 20:07:21 GMT

Adding some refrence to ensure accuracy and understandinng in Data standards for reporting consumer data to CRA's.

A final Account Status Code must be reported when the
accounts are ultimately paid or closed with a zero
balance. (Activity Designator on Equifax)

642

Account paid in full, was a charge-off
Requires Current Balance and Amount Past Due = zero. (Date Closed)

edited to ensure accuracy and completness.

Re: Follow up to Merrick Charge Off question

HowDoesThisAllWork — Sat, 21 Aug 2021 20:12:07 GMT

@Onlinecreditnewbie2

Great help! Much appreciated. The Credit Reports that I posted originally were not the most up-to-date. I had the dispute with Equifax (middle-ish of June, 2021 and it was 'resolved' on July 2, 2021) but I had several phone calls with Equifax as follow up. As such, the details in the Equifax Credit Reports have not been the most complete. That changed......

In my letter to Merrick I included the screen shots from the most recent, updated Credit Report (Equifax in this discussion.....but I did include both Equifax and Transunion in my letter to them). Oddly, they (Merrick) have not touched the Experian Credit Report.

Anyway, here is the "Account Details" from the August 16, 2021 Equifax Report (and, what was included in my letter | dispute sent to Merrick dirctly).

There is an actual account number. It is just not showing up on anything that I have included in these posts.

Now, in my letter to Merrick, I did not 'challenge' the data in the "Amount Past Due" field. As you can see, it is missing. I will include that in my discussion with Merrick. I am operating under the assumption that they will be professional and act appropriately. Kind or not! :-)

Thank you again.....I, too, love the data. And the "why" (or, details) behind the data.

Re: Follow up to Merrick Charge Off question

Onlinecreditnewbie2 — Sat, 21 Aug 2021 20:26:22 GMT

Cool - can you please post (wiping all PPI data) the top portion of this report?

Re: Follow up to Merrick Charge Off question

Onlinecreditnewbie2 — Sat, 21 Aug 2021 20:26:55 GMT

Sorry - Specifically this Tradeline?

Re: Follow up to Merrick Charge Off question

Onlinecreditnewbie2 — Sat, 21 Aug 2021 20:29:44 GMT

Also - Look at the date reported field, typically a date stamp created when the Data Furnisher sends the file.

Re: Follow up to Merrick Charge Off question

HowDoesThisAllWork — Sat, 21 Aug 2021 20:56:37 GMT

@Onlinecreditnewbie2

Here they are.....three screen shots in total!

Re: Follow up to Merrick Charge Off question

HowDoesThisAllWork — Sat, 21 Aug 2021 20:58:49 GMT

@Onlinecreditnewbie2

The date reported field seems to be an issue! Ha! Ha! Merrick has been updating this account essentially every week (or - at worst - every two weeks) since December 1, 2020.

The longest lapse in a changed "Date Reported" was between July 2, 2021 and August 12, 2021.

Re: Follow up to Merrick Charge Off question

Onlinecreditnewbie2 — Sat, 21 Aug 2021 21:01:40 GMT

They are trying to FIX it ---- it cannot be fixed.

My Humble opinion :-).

Re: Follow up to Merrick Charge Off question

Onlinecreditnewbie2 — Sat, 21 Aug 2021 21:02:53 GMT

Yeah - uhm give me a minute on this one - never seen it in this state :-)

They cant fix it ----

Re: Follow up to Merrick Charge Off question

HowDoesThisAllWork — Sat, 21 Aug 2021 21:05:04 GMT

@Onlinecreditnewbie2

Hey, I really appreciate your assistance. I need to go to work now....I am working overtime today and work from 6PM to 4:30AM. So, gonna dissapear for a good while (and now you know why).

If anything comes to mind, I would love to hear it. I am frustrated by this whole situation (and, to be clear, starting with myself for allowing this to happen back in 2017).

Re: Follow up to Merrick Charge Off question

Onlinecreditnewbie2 — Sun, 22 Aug 2021 21:19:55 GMT

All good, life and work happens.

I just love the data, hope to help folk understand it, and ensure its understanding, impacts and accuracy.

Data is everything.