topic Re: BofA says Date Closed is never reported in Rebuilding Your Credit

BofA says Date Closed is never reported

Anonymous — Fri, 19 Feb 2010 17:47:19 GMT

huh?

Background - had a CO from BofA from early 2005. Hard copy CR from TU in Dec 09 shows Date Closed accurately as 7/2005. Disputed some things on my CR in Jan 10, received results and hard copy CR from TU in Feb 10 shows same account as having an updated Date Closed of 2/2010.

Obviously an error in reporting.

Result: TU Fico dropped almost 100 pts, Estimated Date of Removal for this account is now 2017, was previously 2012.

Called BofA, the rep said BofA never reports the Date Closed of an account. She said she has no idea how or why TU would report that information. She also said that I was "reading the credit report incorrectly, there is no such thing as a Date Closed for an account on a credit report."

Are you kidding me?

After 30 minutes of discussing this with her, she suddenly changed her tune and said she would have it taken care of. She said she'd spent too much time on the phone with me. I suspect she just didn't want to deal with me anymore. Of course I was cordial and professional the whole time.

So I suspect that if they don't take care of this in a few days I'll just have to dispute with the CRA's.

I asked her how the CRA's would know when to remove an account per the 7 year rule if no date closed or DOFD is ever reported by the OC? She said the CRA's must get that information from somewhere - she couldn't know how they run their business. I'd have to ask them directly.

It's magic, I guess.

For someone who professed to be doing this CR stuff for years, she really had no clue at all. And she had an ego to boot. Stunning.

Re: BofA says Date Closed is never reported

llecs — Fri, 19 Feb 2010 19:30:16 GMT

Was this ever a CO? Is there a balance reporting?

Re: BofA says Date Closed is never reported

Anonymous — Fri, 19 Feb 2010 19:50:59 GMT

yeah was a CO - I think I mentioned that

Was PIF 2007

No balance reporting

This has been a stagnant TL since 2007 when it was last updated.

Re: BofA says Date Closed is never reported

Anonymous — Fri, 19 Feb 2010 19:57:04 GMT

Did you dispute the account for any reason or it was just updated after other account disputes?

Re: BofA says Date Closed is never reported

Anonymous — Fri, 19 Feb 2010 19:59:19 GMT

yes, I did.

Re: BofA says Date Closed is never reported

Anonymous — Fri, 19 Feb 2010 20:00:27 GMT

You did dispute it, why?

Re: BofA says Date Closed is never reported

Anonymous — Fri, 19 Feb 2010 20:02:43 GMT

because there was incorrect information in the TL

Re: BofA says Date Closed is never reported

Anonymous — Fri, 19 Feb 2010 20:13:55 GMT

lucent wrote:

Result: TU Fico dropped almost 100 pts, Estimated Date of Removal for this account is now 2017, was previously 2012.

Just to make sure that I'm understanding correctly, a few questions:

1) Your updated TU credit report (hard copy provided by Transunion) has a new/updated Estimated Date of Removal as mm/2017, when it was previously, mm/2012?

2) This is a paid charge-off, but did YOU pay it, or was it sold to a collection agency, rendering the OC balance zero?

3) If you paid this charge-off, when did you pay it? What month, and what year? And, whom did you pay (OC, or a CA)?

4) What was the basis for your dispute, exactly? What was reporting incorrectly?

Message Edited by LilMirth on 02-19-2010 03:13 PM

Re: BofA says Date Closed is never reported

Anonymous — Fri, 19 Feb 2010 20:28:05 GMT

1) Correct

2) I paid it in full, the TL was never sold to a CA

3) 1/2007 and BofA

4) TL did not show it was paid

I was under the impression that the Date Closed on a closed account can never change, regardless of any subsequent activity on the TL. Am I wrong about this?

Thanks!

Re: BofA says Date Closed is never reported

BungalowMo — Fri, 19 Feb 2010 20:32:05 GMT

What was the DOFD on this acct???

Did you keep any of your old bill stubs & payment info???

Message Edited by BungalowMo on 02-19-2010 03:32 PM

Re: BofA says Date Closed is never reported

Anonymous — Fri, 19 Feb 2010 20:33:19 GMT

Closed date is really of no importance. It would be the DOFD that is and it is the one that can not be changed.

So you disputed it as paid and this is how it updated.

Re: BofA says Date Closed is never reported

Anonymous — Fri, 19 Feb 2010 20:44:42 GMT

guiness56 wrote:
Closed date is really of no importance. It would be the DOFD that is and it is the one that can not be changed.

I agree.

So, Lucent, are you saying that BoA changed the DoFD, which effectively re-aged the this debt? Look at the monthly payment history. Has anything changed? If in doubt, call TU and ask them to tell you the CRTP Compliance date for this account. Take that date, and count backwards 7.5 years to see if you end up in the ballpark of the DoFD.

Re: BofA says Date Closed is never reported

Anonymous — Fri, 19 Feb 2010 22:18:01 GMT

@Anonymous wrote:
Closed date is really of no importance. It would be the DOFD that is and it is the one that can not be changed.

So you disputed it as paid and this is how it updated.

I would say that a 94 point FICO drop is pretty important. Wouldn't you?

No offense intended Guiness, but that's an awefully obtuse thing to say.

LilMirth, thanks for the pointer - I'll look into it.

Message Edited by lucent on 02-19-2010 02:18 PM

Re: BofA says Date Closed is never reported

BungalowMo — Fri, 19 Feb 2010 23:22:08 GMT

@Anonymous wrote:
@Anonymous wrote:
Closed date is really of no importance. It would be the DOFD that is and it is the one that can not be changed.

So you disputed it as paid and this is how it updated.

I would say that a 94 point FICO drop is pretty important. Wouldn't you?

No offense intended Guiness, but that's an awefully obtuse thing to say.

LilMirth, thanks for the pointer - I'll look into it.

Message Edited by lucent on 02-19-2010 02:18 PM

That isn't what Guiness said at all.

We have asked several times what is the DOFD, but have not gotten that information from you. These arfe the things we need to know to be able to assist you.

Between "before" and "after", has this date changed??

Re: BofA says Date Closed is never reported

Anonymous — Sat, 20 Feb 2010 00:20:28 GMT

@Anonymous wrote:
@Anonymous wrote:
Closed date is really of no importance. It would be the DOFD that is and it is the one that can not be changed.

So you disputed it as paid and this is how it updated.

I would say that a 94 point FICO drop is pretty important. Wouldn't you?

No offense intended Guiness, but that's an awefully obtuse thing to say.

LilMirth, thanks for the pointer - I'll look into it.

Message Edited by lucent on 02-19-2010 02:18 PM

No, it is not obtuse. The closed date has NO BEARING on your FICO score at all. I already said it would be the DOFD that was the important one. Legally it can't get changed.

Thank you MO!

Message Edited by guiness56 on 02-19-2010 04:20 PM

Re: BofA says Date Closed is never reported

Anonymous — Sat, 20 Feb 2010 01:59:36 GMT

This must be whats in the script for BofA reps....I just went through the same thing, I had a CO with them in 2005 paid off in 2006 they reported late payments for 2yrs after my final payment. I disputed the numerous wrong lates and they removed it, but then added another CO to the account, so get this the account was CO twice...So I called them and they said that they dont have DOFD nor do they report it, and that they dont have a date for the CO, just the date the account was closed (which was when I made my final payment). Then I asked for the info regarding my late payments and they said they dont have that info either....This is BofA, the original OC, and they seem to not have anything. So when I called the CRA to get the info that BofA supplied to them after the first dispute the CRA told me that they dont provide that info....lol.. no one provides nor has any info...isnt that grounds for removal???

Re: BofA says Date Closed is never reported

Anonymous — Sat, 20 Feb 2010 18:53:11 GMT

BoA must have their wires crossed - real bad.

I think the best approach is to address them in writing. Their reps or so called account executives are just cusomer support with no knowledge/power what so ever and you need to get at least a supervisor on the line to move things forward.

In my experience, and after spending hours on the phone with them, certified letters work the fastest and keep you stress level down.

My short recap with BoA:

I had a settlement with BoA in 2008 and final payment in Sep of that year.

I found out they sent if to CA in Nov 2008 because they did a hard pull - breach of contract.

I called BoA. They found a glich in their system - account rep punched in the wrong code (imagine that) but it took them another two months to pull the account back from the CA.

Got a 1009-C in Jan 2009 and then a copy of the same 1009-C March. Perfect.

Fast forward 12 months I get a 1009-C for the same account, but with settlement date on Jan 2009 - disputed via fax and corrected.

My suggestion: Get a copy of your records showing what you describe and mail (CMRR) them with an explanation of what you think the problem is and what you want them to correct.

Re: BofA says Date Closed is never reported

Anonymous — Sat, 20 Feb 2010 21:05:03 GMT

Lucent,

Forget everything that I previously stated in this thread. Yes, everything, LOL!

Send a written dispute to TU (CM but not RR), disputing the Closed date. It sounds as if you still have proof of having paid the account in 2007. Send copies of that evidence in your dispute. I would simultaneously send a modified OC letter to the BoA HQ (CMRR), requesting an investigation into the account history. Be specific about the *harm* that has resulted from their misreporting.

Because you've recently disputed this account, I wouldn't be at all surprised if TU comes back with the frivolous diputer claim. If they do, ignore that, file a complaint with the FTC & your AG against both BoA & TU, record the complaint numbers, and send a MOV letter referencing those complaints (CM).

If that doesn't get it taken care of, post back and I'll give you my "Sue the bums" spiel.

Re: BofA says Date Closed is never reported

Anonymous — Sun, 21 Feb 2010 00:44:03 GMT

I had a similar experience with bank of America. account went bad DOFD march 2003 then charged off in 2005. I started my credit repair in 2008 and paid the CA in may 2008. BOA updated my account to charge off agin , and added a new account to boot... in 10/2008, just before i bought a house plummeth my score. call the rep at the CEO office . got a letter that this is done for billing purposes first account is charged off, then a new one gets populated (same account listed twice. ummH??. this is the last account on my report. exp age off in 4/2010 then the same acco on equifax off in 12/2010 go figure. the populated for billing chanrge off age off tu 12/2010 EXP 1/2011. too confusing so i am hammering BOA to get rid of them all in 4/2010.

I am awating response to complaint i filed with the BBB of delaware about this. i was sucessful with this tactic with CHASE too many DOFD on teh same account ( CHASE gave in)

My point is this is a re-age and that is illegal so you have grounds to now have them remove teh TL totally. write to the BBB of delaware. they will mediate for you.

good luck

Re: BofA says Date Closed is never reported

RobertEG — Sun, 21 Feb 2010 06:12:27 GMT

I dont see all the fuss over the "date closed," or any dates of payment, or dates of any charge off. They are almost meaningless.

These are not dates that I would waste a second in disptuting.

Your date of concern is the date of first default (DOFD) in the original creditor account.

The date you first went delinquent with the OC, and never brought that OC account back into paid, good-standing status before the hail stones of a charge off or collection hit your doorstep. No closing date of the OC account, or any other reporting, has any affect on this one date-certain.

That sets the 7 1/2 drop off of the CO or CA from your CR, and most likely, also your state SOL. FCRA 605(c).

Message Edited by RobertEG on 02-20-2010 10:09 PM

Message Edited by RobertEG on 02-20-2010 10:12 PM