BREAKING: Chase Reporting Business Cards to Personal Credit MISTAKE

[ocheosa]

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@MidwestCredit wrote:

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@ocheosa wrote:

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@SMB85 wrote:

Just had the same happen to me! My 6 month old CIP just hit my TU only, so far. Between this and my old PayPal Mastercard reporting, my personal CRs are on a roller coaster right now.

Is this what a post-CFPB landscape looks like? Jeez.

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Yep. So many businesses have not yet recovered from covid and the relentless natural disasters. Compounded with these types of stunts and upcoming economic issues, it's about to get real painful. I recall an old jingle each time there's breaking news, "you asked for it, you got it, toyota!"

At this point I basically mirror Arthur in "Forget Paris" (1995)

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Today I got another alert! A 3rd chase ink card reported. This time is was a premier card but showed credit limit as ($2k) which is false and a statement balance of $8k and on my report showing 400% over credit limit. Dropped from high 700s to now 550. Called Chase again and they said it may take up to 30 days to fix! Crazy!!?

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@MidwestCredit , I am so sorry you all are going through this bs. I don't have chase biz cards but am furious for those business owners who do.  Don't understand why it will take a statement/month to fix, they should do an updated reporting for customers even if only to remove all accounts from the bureaus until fixed on their end. This could prove detrimental to peoples financial standing!!

When you opened the disputes were they able to remove the account(s) in question while investigating? Just imagine all those who don't even know this is happening?

[xenon3030]

Only one of my ink cards got reported but that was sufficient to tank my Fico8 score by 19!!!

To fix this issue, shall I call Chase or do they fix it at their end?

[Credit_Flavours]

Isn't it interesting how these selective software glitches work? Chase is just being evil-smart right now. They update your report automatically once you pay down an account, yet with such a devastating error, business owners have to wait a whole month.

Call it a hunch, but I felt an urgency to pay down the three ink cards that had balances out of the 5 I have across three businesses. All five were paid to zero by the end of business last Friday. DW, on the other hand, wasn't so lucky. Her only ink card, opened 4 months ago(still on 0% promo), has a $9k/$10k balance, and it just showed up on her personal report this morning, leading to a 26-point drop from 804. This is her only account with a balance with Chase, out of a $70k total exposure.

She's in real estate and negotiating a crucial deal, so we can only hope for the best when business resumes today. I'm in shock right now that this could happen with Chase.

[redpat]

I'll let my balance report if it hits on the 8th.  Seems to be accounts 3 or less years that are reporting, 2016 for mine.  It's only one month if it does and not looking for credit anyway.

a little over $10k this month w/ $60.3k CL.  lol, December would have been ugly over $38k balance.....

[ocheosa]

Informative reddit thread

Regarding filing disputes:

Aggressive_Radio214  "Called Chase and CSR confirmed what someone else mentioned, there was an internal glitch that removed the suppression rules for Chase business cards--this issue has now been fixed. They also stated that they are processing deletion requests with the credit bureaus when customers request it. Requests processed will remove affected business cards within 30 days and any new Chase business cards will not appear on personal credit reports, as the glitch has been fixed"

[SouthJamaica]

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@SMB85 wrote:

Just had the same happen to me! My 6 month old CIP just hit my TU only, so far. Between this and my old PayPal Mastercard reporting, my personal CRs are on a roller coaster right now.

Is this what a post-CFPB landscape looks like? Jeez.

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I'm afraid yes.

The federal government is badly out of whack now.

One of my credit unions has posted on its website that it is NOT part of the federal government.

Sad state of affairs when institutions are taking pains to DISassociate themselves from the US government.

[TimFlorida]

"Seems to be accounts 3 or less years that are reporting,"

My INK card is 7 years 7 months and reported.

[xenon3030]

I called and they informed that it would get fixed by the next billing cycle, which is a very long time (not sure why they do not want to fix it immediately). I hope that by that time, the picky lenders (such as Citi or Synchrony) would not do AA.

Since these types of issues can do serious personal harm, possibly the people that receive any AA from some lenders or receive rejection from loans (CC, auto, mortgage) should qualify for a lawsuit. 

PS: Since there is no CFPB, we are at the mercy of the banks to fix these simple issues at the way and the timeline that they want to.

[Danny_Lab]

Yo I freaked out as well! Thinking identity theft after seeing the credit karma emails and the -26 drop! 

good to know they are aware and hopefully will see the fix soon!

[isik]

Got the dreaded email. 

It reported to Equifax. 31% utilization (of course barely above the threshold), 21 point drop...

Couple this with the sudden hit I got just because my credit aged to 3 years a few months ago, which I haven't recovered from, and I'm down 40-50 points. 

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Sudden-F8-drop-of-25-30-points/td-p/6799...

I hope they fix this ASAP, without reporting to others. It can have devastating impacts on someone's life. I guess I'm somewhat lucky, since it wasn't a higher utilization.