$1 Derog - Question

[Anonymous]

Hi, it's me again with this crazy $1 derog from my old CU.  I went snooping into my EX file again and found something that I think is odd. 

In the status it says: 

     Status: Paid,Closed/Account charged off. $379 written off. 

Then it says: 

     Status Details:  This item was verified and updated on Aug 2005.   (Off the top of my head I think I paid it in Oct 2005.)

Which is correct?  Technically I guess I paid $378 instead of $379, but they definitely didn't write off the whole amount.  Can I dispute this?  FYI the first 30 day late was Oct 04, 90 days Dec 04, C/O April 05.

Thanks!

[SmartCookie]

You could dispute it as 'balance incorrect'.  Thing is it might update with $1 balance...

I would think about writing a GW letter to your CU explaining that you have just realized that they have been reporting incorrectly for 29 months, and since this was paid (forget the buck for a moment) you would appreciate their GW in either removing all derog info or deleting the entire TL 'in the spirit of compromise' since this incorrect reporting caused you adverse action etc.

[Anonymous]

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SmartCookie wrote:

You could dispute it as 'balance incorrect'.  Thing is it might update with $1 balance...

I would think about writing a GW letter to your CU explaining that you have just realized that they have been reporting incorrectly for 29 months, and since this was paid (forget the buck for a moment) you would appreciate their GW in either removing all derog info or deleting the entire TL 'in the spirit of compromise' since this incorrect reporting caused you adverse action etc.

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Hi SC,

Thanks for the reply.  EQ is the only CRA that gives the $1 and they're my lowest score by far.  I have been trying to pay the $1 to get it removed, but the CU  mgr/vp just tells me "don't worry about it."  I keep harping on this $1, but I really want my CR to be as clean as possible. I'm leaning toward sending a $1 cashiers check with a GW letter attached, sent CMRRR.  (I don't think these ppl like me much at all.)  Btw, it's $1 on a $500 TL.

Thanks!

[SmartCookie]

Ahhh I see.  Ya'd think they would stop reporting a balance if they told you not to worry about it!

Definitely a GW situation but think it over on the CMRRR. 

EQ reports the payment but the others just show it written off... no payment??

[Anonymous]

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SmartCookie wrote:

Ahhh I see.  Ya'd think they would stop reporting a balance if they told you not to worry about it!

Definitely a GW situation but think it over on the CMRRR. 

EQ reports the payment but the others just show it written off... no payment??

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It depends on where I look.  I just pulled credit secure to try to get a nice glimpse at all three.  TU isn't reporting on here at all.  EX is on the left, EQ on the right.  I have some time tomorrow and was seriously considering going into the CU to talk to this guy personally, but that kind of seems like a no-no since I need everything in writing.  Perhaps he'd consent to sending a letter in writing as to the terms of our discussion.  (I doubt it.)

Acct Type:             Unsecured Loan                    Revolving or Option   

Acct Status:          Closed                                    Open   

Monthly Payment:                                                 $15.00   

Date Open:            7/1/2002                                 7/1/2002   

Balance:                                                               $1.00   

Terms:                                                                  Unknown     

High Balance:                                                       $1.00   

Limit:      

Past Due:                                                             $1.00   

Payment Status:   Paid, was a charge-off           Bad debt & placed for collection & skip 

Comments:                                                           CHARGED OFF ACCOUNT/LINE OF CREDIT

[SmartCookie]

I'd say TU isn't reporting at all but on your 'real' reports, I'm sure EX and EQ have more detail.

You have to make a judgement call.  Yes, 'everything in writing' but if I lived that close... I'd go by and speak to the guy, and show him this! He can remove the info, he doesn't need to send the CRAs anything at all.  I'd be nice and remind him that you were told not to worry about the buck... but you have a major derog (EQ)!  Ask him point blank if he will please delete all of it because you thought it had been done considering they told you not to worry... and because of the damages of the inaccurate reporting.  You'll be right there smiling and asking him for help... hopefully he won't be an arse over a dollar in this situation, and see the error and remove the reporting as a 'courtesy' even though you could sue for damages.

I would break the rules and drop on on him....

[Anonymous]

I could sue?  (No, I don't want to sue, please don't take it that way.)  On what grounds?  I DO owe the dollar officially, even though I was told to forget about it.

(Thanks again for taking the time with me on this one.  I know anyone who would manually review would see it's a DOLLAR, but with scores like EQ 618 and 657, 662 on the others, it's obvious that this is a problem.)

[SmartCookie]

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WhirledPeasPlease wrote:

I could sue?  (No, I don't want to sue, please don't take it that way.)  On what grounds?  I DO owe the dollar officially, even though I was told to forget about it.

(Thanks again for taking the time with me on this one.  I know anyone who would manually review would see it's a DOLLAR, but with scores like EQ 618 and 657, 662 on the others, it's obvious that this is a problem.)

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You'd have to prove damages due to the inaccurate reporting... they led you to understand that that dollar was no longer a balance due to them.  I wouldn't sue either, but just them knowing you could is an ace in your pocket.   Got adverse action reasons for cc application decline, etc?  I do like to try to settle things amicably as well though wherever possible.

See what damage as little as a dollar can do?  I'm with ya.  If they were not horrible when things were good and they don't hard INQ for new banking accounts, I'd entertain the thought of opening a savings account there before turning on the assertive charm to that bigwig.

[Anonymous]

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SmartCookie wrote:

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WhirledPeasPlease wrote:

I could sue?  (No, I don't want to sue, please don't take it that way.)  On what grounds?  I DO owe the dollar officially, even though I was told to forget about it.

(Thanks again for taking the time with me on this one.  I know anyone who would manually review would see it's a DOLLAR, but with scores like EQ 618 and 657, 662 on the others, it's obvious that this is a problem.)

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You'd have to prove damages due to the inaccurate reporting... they led you to understand that that dollar was no longer a balance due to them.  I wouldn't sue either, but just them knowing you could is an ace in your pocket.   Got adverse action reasons for cc application decline, etc?  I do like to try to settle things amicably as well though wherever possible.

See what damage as little as a dollar can do?  I'm with ya.  If they were not horrible when things were good and they don't hard INQ for new banking accounts, I'd entertain the thought of opening a savings account there before turning on the assertive charm to that bigwig.

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Well ahhh ha ha.  I happen to have TWO denial letters from the past 7 days, 1 for a new CC and 1 for a CLI which both state this deliquency as an issue.  However, the Home Depot MC denial lists ONLY the "A delinquent credit obligation, either paid or unpaid, was recorded on your credit bureau report."  (I'm trying on ski masks as I type!  Ha!  Kidding of course.)

Thank you!

[SmartCookie]

Bring those along!  Tell him you still have a chance to have the companies recon the application if he removes what caused these AA declines.

I'm not saying to go bat pooh crazy on him... but that might help him come to a decision to GW and delete the TLs. 

Don't run out tomorrow if you aren't prepared with what you want to say and how you want to present this...  you might decide later on that you want to prepare all this and write.

But if you do go tomorrow, good luck and let us know how it went!!!