Re: Ollo card account closure

mich800 · ‎02-04-2021

@Credit12Fico wrote:
They ought to have thrown in an extra year of account age for all affected

Maybe this is an opportunity for a credit line increase. They may need it if there is a mass exodus of people cancelling their accounts.

Anonymous · ‎02-05-2021

Maybe I missed it but I didn't see this mentioned anywhere else. Has anyone else's Cash Back Rewards balance been wiped to $0? Hopefully this will get corrected too because I had a decent balance before the anomaly.

Demented1 · ‎02-06-2021

POSTED BY OLLO:

A message to Ollo customers about the recent systems issue

We recently had a systems issue at one of our vendors which caused some Ollo cardholders to experience significant disruption to their account. We’re deeply sorry for the frustrations the issue has generated, and we truly appreciate your patience as we worked to resolve the situation.

We want to address some of the top questions we have received and hope it helps to ease some of your concerns:

Online servicing is back up and running

Ollocard.com and the Ollo mobile app are again available following the systems issue. You can now log in to access your account information, just as before. Please know some additional updates may still be in progress and to refer to your statement for full details about payments.

We are experiencing long wait times

We want to let you know we are experiencing high call volumes, and it may take longer than usual to speak with a representative in our call center. Our online and mobile access is now restored. To avoid call center delays, you can check your account details on ollocard.com or in the Ollo mobile app.

Your Ollo account information is secure

Some Ollo customers have asked us if the systems issue is ‘hack’ related. We appreciate your concern and confirm that there was no data breach. Your account remains safe.

An update about payments

We understand that the systems issue may have affected your ability to make payments on your Ollo account. Please know that we will waive any late fees as a result of the issue and will work to ensure that your account is not negatively impacted.

If you noticed a derogatory remark or charge off on your account

As a result of the systems issue, some Ollo accounts incorrectly reported as "closed", "derogatory" or "past due" at Experian. Experian reversed and fixed the errors as of the morning of February 2nd.

The issue was corrected and your Ollo account now reports as it should at the bureau. Your credit score, if ever impacted, now reflects the correct information. If you use a credit monitoring service, the service may take a few days to update and reflect your corrected account status.You can disregard any related ‘derogatory’ alerts.

In case you are still concerned, you can verify your account status on Experian at no cost at www.annualcreditreport.com or by calling Experian at 1-833-339-1518.

Anonymous · ‎02-07-2021

My rewards balance shows up on the home page but if i click on the redeem button it shows i have 0.00 in rewards.

CreditMagic7 · ‎02-08-2021

Just got an offer for this card Ollo. Is it worth it?

First issue like this one? Maybe a one off? Is it back up and reporting right?

Anonymous · ‎02-08-2021

Now the real effects of the Ollo system crash are starting to show up. Both Barclays and BBVA have reduced my credit limits after Ollo reported my account a charge-off. Yes my credit report is corrected now but other accounts have automatic system that run off the data Experian sent them. After it was missed reported by Ollo.

Who has the contact information for the class action lawsuit?

Anonymous · ‎02-08-2021

My BBVA CLD was $1,800 days after the Ollo Charge Off reporting error destroyed my FICO score.

I'm working on putting together my own federal complaint.

AverageJoesCredit · ‎02-08-2021

@CreditMagic7 wrote:
Just got an offer for this card Ollo. Is it worth it?

First issue like this one? Maybe a one off? Is it back up and reporting right?

CM7, you dont need this card, you have plenty trbuilding so far. Heed these warnings

CreditMagic7 · ‎02-09-2021

@AverageJoesCredit wrote:
@CreditMagic7 wrote:
Just got an offer for this card Ollo. Is it worth it?

First issue like this one? Maybe a one off? Is it back up and reporting right?
CM7, you dont need this card, you have plenty trbuilding so far. Heed these warnings

Wow no kidding. No wonder they sprung that preapproval my way after not seeing anything for months

Worse part seems some of our members getting their other cards slashed from the domino effect.

Anonymous · ‎02-09-2021

@Anonymous and @Anonymous , BBVA just reduced my CL from $6,000 to $1,700. Since I owe them $1500, the new UR is going to kill my score. All because Ollo mysteriously and illegally managed to report a $14 balance that wasn't even due yet, as a charge-off. Get ready everyone, because I fear this may be the tip of the iceberg. BBVA rep just confirmed what I suspected . . . 500,000 BBVA customers alone were impacted by this Ollo mess. I am now "in cue" to have my CL restored, but they can't say when, and I bet by the time that happens, they will report my "new" CL to the CBs as my statement closes on the 15th. Once that CL reduction reports, more will follow. The damages from this Ollo mishap will be felt far and wide. Take a feather pillow, cut it, release the feathers into the wind, and then try to go and collect them all again. Make sure you don't miss even one. Not so easy is it? I am so sick of calling Ollo, Experian, and now BBVA, only to have everyone say "sorry for the inconvenience." Inconvenience? Inconvenience is when I have to wait in line too long to check out at the grocery store, not when I have to restore my creditworthiness due to someone else's error. I'm ready to call a lawyer because this is a snowball with no end in sight, and by the time it is done, all or many of our creditors are likely to take adverse actions against us. By the time it ends, they will all be in violation of the FCRA for taking adverse action based on verifiably false information. Information they knew to be false at the time they started taking said actions. Where is the protection for us? How are consumers to avoid being harmed by the current reporting system and creditor monitoring that allows an event like this to unfold over the course of only 24, 48, 72 hours' time? We work hard to build (sometimes re-build) and maintain our credit. We deserve better than this. @Demented1 I got the same notice from Ollo, but that was before the snowball effect started with my other creditors. This ain't over, not by a long-shot.

OLLO Card Account Closure - Master Thread