Help Help Help

[Anonymous]

I am not sure why you are bringing legalities into this?

[Anonymous]

---

@Anonymous wrote:

What else is interesting is that I do not have 30, 60 or 90 day markings from AMEX.  They never once reported me even as I got to 120 days.  I was only reported after they closed the account.  All of the reporting is being done by AMEX and not the CA Collectcorp.

---

Becuase simply put ... by this statement a reader can sense there's a feeling that they wronged you but they didn't.  Just to be clear there nothing they did wrong on their end and at any time if you decide not to pay they can slap you with a charge off across all three reports and there will be nothing you can do about it.

[RobertEG]

Daboss hit all the nails on the head.  Great explanation.

Creditors, be they OCs or debt collectors, can update your account status monthly, forever.  The FCRA sets only the requriement that reporiing be accurate, and imposes no dates for reporting.

They can update account status as now unpaid, as long as facts accurately support it., even if their prior reporting did not report such a status.

When an OC reports that an account has been placed for collection, that is just a status code under the OC account.  It is not the reporting of a collection.

A collection appears, for FICO scoring, once the debt collector who has been referred the collection authority chooses to post, on their own, their activity to the CRA.  That becomes a separate posting of a CA.   CAs are not posted by the OC.

Why all of the legal citations?  Simply because any dispute of credit reporting or debt collection activities is based on statute. Those are the rules of the game.

[Anonymous]

---

@Anonymous wrote:

AMEX recently closed my account and stated in writing that they would report it as "Satisfactory/Account closed by credit grantor."  What does this really mean?  I looked on my credit report and it is in the derogatory section.  I was put on a payment plan but am considering not paying as it has already hit my account.  Does it make a difference if I pay on it or not with respect with my FICO score?

---

Seems that you had problems with this AmEx account and they offered you a plan to pay off the debt, right? 

Without having access to the full letter they sent you, it also could be understood that if you make payments according to the plan or once you successfully complete the plan they will report the account as satisfactory.  Is this also true?

AmEx needs to comply with the terms of their offer / letter / agreement.  The question is what is that agreement between the two of you?

[AndySoCal]

O6,

The first part of your reply just proved my point.  IE  a bad payment histroy. I agree there can be other reasons for an account be closed besides the one mentioned. Most credit grantors do not close accounts on good paying customers. That said I thought the original post was talking about another account speerate from the AMEX account.

Not exactly.

Although there can be instances where a creditor closes an account that is  or has been delinquent, the fact is that many accounts are closed because of where you do / do not shop, financial reviews (specifically AmEx) and other non-culpable debtor actions.  An account otherwise in good shape closed by a credit grantor is not considered derogator

[Anonymous]

Closed by credit grantor, in and of itself, is not derogatory.  Perhaps something else in the account reporting is putting it in the derogatory category.

I'm not understanding OP's consisent comments re: not paying the debt.  I hope they plan to pay their debt, or to pay according to any subsequent agreements made with the creditor.