OLLO Card Account Closure - Master Thread

[thornback]

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@apache31405 wrote:

@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. 

    Just wanted to report back sir. Thank you for the glimmer of hope. Every thing is back to normal this morning.   We can now add this to the list of positive outcomes of credit card company snafus. I don't believe it. 

Hope everyone's account is well.

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Happy to hear it was resolved quickly. A shame it happened at all, but really great to see Ollo reacted with the appropriate level of urgency. 

[ALLgoodABQ]

Mine too was reported as a Charge off this morning on Experian. While I'm not planning on applying for anything soon, it still doesn't give you a good feeling that a credit card company can have days worth of issues and erroneous reporting. Doesn't say much about their IT department. I'll report back once it's fixed. 

[Anonymous]

This has to be the worst credit card company ever. Last year, they dropped our CL's (we both have individual accounts with Ollo) from $4,200 to $300, even though we owed them nothing and had a perfect payment and use history, which tanked our scores.  Complained to the CFPB and within a month or two, they raised our CLs back to what they were.  This during a pandemic after credit issuers were specifically told to work with people.  And now today I see they are reporting our accounts as "charged off" even though they are also reporting perfect payment history!  I owe them $14 which is paid in full each month, husband owes them $18 which is paid in full each month.  We are in the middle of a hard-fought home refinance and no doubt, this is going to destroy it.  Time for a lawyer.  If they can't manage their system better than this, they don't deserve to be in business.  Wonder how many people are being falsely reported as charged off today?  I'm of a mind to file complaints with their state AG, my state AG, the U.S. AG, and the CFPB.  Anyone know which state regulates this bank?  

[Anonymous]

Hi customers of OLLO card,  I am another user of OLLO card affected by the charge off!
Today is Feb 3rd and nothing has changed regarding whatever is happening at OLLO headquarters.  I have recieved two alerts on my credit bureau report because my OLLO card was reported as a charge off and just like most people on this forum, my account has been current, sometimes paid in full and always paid on time.  I don't know about how patient I can be regarding this issues when we all, I am sure, are dealing with many other life issues! I am currently on hold and have been waiting going on 40 minutes.  I just don't understand, I really don't understand how we the people that are working on paying bills on time and working on maintaining good credit have to go through something like this. Has anybody found any answers yet? Does anybody know what we can do? Experian has told me I would have to send in everything through the mail! Ughhh! How frustrating!

[Anonymous]

For starters there is the Fair Credit Reporting Act.  This is a major, class-action level violation.  I'm not sure but I believe the law allows treble damages for inaccurate reporting.  Everyone should be documenting their FICO scores (before/after) and any/all damages they incur because this is illegal. Oh, they'll blame their system glitch or whatever is causing all this, but they can't escape liability.  The law is crystal clear.  We have an absolute right to accurate credit reporting.  Indisputable.

[Anonymous]

Received an alert that my Experian file showed a charge off for Ollo card. 
I can access Ollo website but not the mobile app. 
Does this gets corrected for others facing the same? Should I bother calling them? HELP!

I am going to pay off my balance and get rid of this card. Don't need this card anymore as I have established enough credit and score in the high 700s.

This is just horrible . 

[Remedios]

Do not try closing until they update, and correct the error, it just might complicate things.

What if it stays on there as closed charged off and then you have multiple issues that still need fixing. 

[Anonymous]

Hello. Earlier this week OLLO had a system wide glitch that closed accounts. The account is back up and seems fine but, now I'm getting an alert on my credit report about a derogatory mark involving OLLO and an "outstanding balance ". 
At this point, what am I to do? I've worked so diligently to get my credit to where it is, only to have it tarnished by OLLO and a glitch on their end. 

[OutOfBK]

I just got multiple hits today, February 3, 2021 (1pm eastern) on my credit reports reporting major derogatorys....late payments and i have a zero balance, lol. Credit reports are stating: Derogatory Account Reported by Ollo/cws, Amount Delinquent: $0.  I am currently on hold with Ollo waiting to speak to a representative to see how fast they plan to retract the derogatories...geez...

Update....not much of one...so my hold time with Ollo to speak to a CSR was 33 mintues.   After being on hold, someone answers the phone.  Nothing was spoken.  All I could hear was some sort of ambient noise in the background like cars/traffic...weird.  After 1 minute of me saying "hello" multiple times, the line was immeditately disconnected.

[Anonymous]

Yes. Thank you!