We paid off a HELOC back in April and closed the account. (We moved it to another bank because the one we were with required it be rewritten every year. This resulted in an inquiry every year even though we weren't borrowing new money and when we did borrow, we ended up with multiple hard pulls.)
My FICO report indicated tha account had been closed and a zero balance so I thought all was well, until September when I got an email alert that my score had dropped. My score had dropped by over 100 points, from 795 to 687.
The bank reported the paid in full, closed account 90 days past due.
Last week I got the following explanation from the branch manager/loan officer:
In May, when we paid the account off, the acount was closed as requested. Then someone at the bank noticed the account had been closed, assumed it was an error, and reopened it, without contacting us. In August, because no payment had been made, the account appeared 90 day past due and was reported to the credit bureau. She said that this was a bank error(no duh), and they would correct it. I asked what the past due payment was on a zero balance and she said there was no payment due. I asked how could the bank not realize this was an error before it was reported 90 days past due? She said it was an oversight. We never got a phone call or any type of notice or communication from the bank, so we had no idea the account had been reopened, mush less that is was showing up past due. There has never been a late payment on the account since it was opened in 2007.
I disputed the past due payment with the credit reporting agencies, just in case they didn't correct it.
I called back today to confirm it had been taken care of. She told me it was corrected in thier system now and should update when they report again the 1st of October, but it might take another 30 days for the credit report to update.
Should I file a complaint or just let it ride?
