OLLO Card Account Closure - Master Thread

[Anonymous]

Ollo has shut down any way of reaching them, this is unacceptable.  They make a mistake like this and then cut off any route for customers to reach them!!!!

[Anonymous]

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@Remedios wrote:

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@Anonymous wrote:

I'm ready to purse legal action, is there repercustions for sending false information to the bureaus.

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I'm very sorry this happened to you. 

As far as legal action, that's just not happening.

Yes, lenders must report correct information, they aren't allowed to knowingly report false information, but this appears to be a technical glitch. 

There is no legal action available to you now, and probably not in the future, either. Best you can do is remain patient untill they resolve the issue. 

I'm fairly certain they are actively working on this, it's a mess, and probably not the kind that can be resolved overnight. 

I understand that it's nerve wrecking if you are rebuilding and/or worried about other lender's actions, but disputing or trying to do anything with these accounts right now will just complicate things further. 

Give it some time. 

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Here is my problem, they knew they had issues before their cycles ran last night so any data that was trasmitted to the bureau was done so knowingly.

[thornback]

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@apache31405 wroteOvernight charge off how are they going to correct this? You can't it will take a minimum of 30 days for it to correct itself in the system.  Nothing is instant with credit bureaus. I'm glad I closed on my refinance in December.  What a shame. 

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@apache31405  trying to offer a glimmer of hope here-- it doesn't have to take 30 days to correct this.  A month or so ago, USAA accidently mass reported accounts as closed.  Granted, no negative notations just closure, but they resolved and re-reported in about 3 or 4 days.  Hopefully Ollo gets their stuff together just as quickly. 

Sorry to all going through this right now, it's awful.  

[Anonymous]

yep my experian took a 12 point hit overnight they reported the c/o 

unacceptable!

[Anonymous]

I'm really glad I applied for a new card with another company on 2/1 and not 2/2. If I would have applied today I would have been denied. My experian isn't showing a new charge off but the latest information on experian and credit karma is 2/1. 

I'm just amazed that when they ran their batches there was no logic alerting someone of this, like a prompt that said:

"Hey, are you suuuuure every single one of your customers
 went into default and should be charged off?"
[YES] [NO]

[Anonymous]

Unsettling lack of communication and information from Ollo. Just false promises on when this would be fixed. 

The phrase "class action" jumps to mind. 

[Anonymous]

My account is back on line, shows an active and current account.  However, still no way to contact Ollo, I want to know how and when they will fix the chargeoff indicated on my Experian account!

[Anonymous]

Hey guys,

I have the Ollo Optimum CC and also suffered with the issue. In my case I only noticed the issue when trying to make a purchase yesterday afternoon (2/1), but by the time I tried to log in through the app it already had a message about the problem. The website had the same message with no options to log in or anything. As of today at 10 A.M., the website is back up and there's a message when you log in about the issue and their apologies for any inconvenience. The app now has a message about being down and directing you to the website. 
I just pulled my credit this morning and had no indication of the account being closed in any bureaus, so I guess I was lucky with that. Sorry to hear about you guys having a charge-off in your credit and hopefully they'll get this mess straightened out quickly. 

[spiritcraft1]

No issue here thankfully but perhaps that is because the card has been sock-drawered for nearly a year with a zero balance. 

As far as the reported charge off, if that happened to me, I would take part in a class action suit.  I don't understand the apologetic and servile attitude towards banks and the 3 major credit bureaus.  They get away with anything the want and are under regulated.  It is time for regular folk to rise up and demand justice in all kinds of areas.  In this case, they have financially harmed who knows how many and would be liable in civil court.

[Credit12Fico]

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@spiritcraft1 wrote:

No issue here thankfully but perhaps that is because the card has been sock-drawered for nearly a year with a zero balance. 

As far as the reported charge off, if that happened to me, I would take part in a class action suit.  I don't understand the apologetic and servile attitude towards banks and the 3 major credit bureaus.  They get away with anything the want and are under regulated.  It is time for regular folk to rise up and demand justice in all kinds of areas.  In this case, they have financially harmed who knows how many and would be liable in civil court.

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This will depend typically on whether or not you "opted out" of mandatory arbitration when you first became a cardmember. Another switch-a-roo con the banks like to play.