Can Amex Do This...

[Andy77]

So,  I had a business account with them from yrs ago.  It was settled in 01 and a balance was written off for $ 2514.18.  I called Amex today to see if I would qualify for the Oasis program and they said no.

They told me this amount referenced above would forever stay on their internal books and if I paid it off to zero II would be able to apply and they would use just my credit scores/information

vs. currently using my credit and their internal collection report on the above referenced account to decline me every time I apply.

Can they hold that "bad" info in their books forever?  Is that legal?

[MidnightVoice]

Sorry, but yes.  They are famous for this

[Andy77]

Can I ask them to put the settled account back on my credit report without negative information and pay on it like that?

They wont even give me the account number and I don't remember it...all I would be doing is sending them checks with a reference number on it...all to re-build my relationship with them..not sure if its worth 2500 bucks?

[Anonymous]

---

Andy77 wrote:

Can I ask them to put the settled account back on my credit report without negative information and pay on it like that?

They wont even give me the account number and I don't remember it...all I would be doing is sending them checks with a reference number on it...all to re-build my relationship with them..not sure if its worth 2500 bucks?

---

They likely will not put the account back without negative information unless you are in Oasis, which you apparently don't qualify for (for whatever reason).  You're right that if you choose to pay it off, you're doing it for an opportunity to rebuild your relationship with them.

Keep in mind that even if you pay it off, they may deny you for other reasons, too.  Nothing is guaranteed.  I'm not sure paying $2500 for the privilege of rebuilding a relationship with a finicky and moody lender is a good value.

[Anonymous]

Actually, it only makes sense unfortunately.  I would definitely favor companies taking a moral high ground and forgiving past transgressions if an account has been paid off to them.  However, "write off" is only accounting clerical jargon; the money is always owed until it is paid.  So, you it is a tall order to ask them to give you another loan if you haven't paid the first.  But if you pay the first they ought to be willing to work with you. 

[marty56]

This is known as Blacklisting.  I have heard here the other CCCs do this also.  WaMu comes to mind.

Remember the FCRA only applies to what companies report to the CRAs.  Internally they can do what they want.