OLLO Card Account Closure - Master Thread

[CreditBruce]

Okay this is really serious now. My Ollo account has just updated on my experian credit profile as a charge off. It dropped my fico score by 55 points. This is TERRIBLE. I'm in the proccess of buying a condo. Check the link below to see screenshot of the account on my experian report.

https://ibb.co/RNjbLCF

[Anonymous]

I would suggest everyone check their credit report. Same thing happened to me on Experian. This is really a major screwup and better be resolved soon!

[GApeachy]

Y'all get screen shots of everything.

[Loquat]

Sorry for all affected by this. I’ve heard of files being split and personally I’ve had accounts go completely missing but never an account reported as a charge off without reason. I hope there’s haste in their efforts to get this corrected.

[Jnbmom]

Man sorry this is happening to you guys . That's beyond incompetent 🤬I can't imagine the potential damage this could cause if they don't correct this immediately.

Once it's resolved I am sure they will lose some customers 😞

[Anonymous]

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

[apache31405]

   Yes I'm here like everyone else. Charge off on experian.  Went from 689 to 654. 35 point drop no missed payment 1 year 6 months. Will definitely pay off and close the account. He'll im already at the basement might as well be done with them. Overnight 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. 

[Remedios]

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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. 

[Anonymous]

That's too bad and I think laws should be changed in that case, people will experience actual harm from this, there should be a price for this sort of mistake.

[Anonymous]

For anyone that thinks ollo needs to do more than say I'm sorry.

https://www.consumerfinance.gov/complaint/getting-started/