Synchrony bank - resetting the clock on closed settled account?

[dragontears]

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@Anonymous wrote:

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@Yasselife wrote:

I used to have a collection resetting the clock multiple times, and selling the debt to other Co agencies, my Vantage score showed as new while my fico reports maintained the same clock and shown when it would be deleted. 
   Is this the situation you're in? Fico is what counts and what major lenders use. It'll be deleted in 7yrs, do not worry.

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I understand but it's literally Synchrony resetting it. I honestly don't have 7 years. Especially if they keep resetting it. That in fact should be illegal for any debt. I am considering paying $1000 interest for a complete deletion. They even sent me a tax bill for the interest they wrote off in 2020. I don't know what to do 

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They are not going to delete the account. Original creditors don't do PFD 99.999% of the time. You are stuck with the account. 

When you say they "reset" it did they change the actual close date? The late payment date? Or are you talking about the last reported date?

If you are talking about the last reported date then your terminology is wrong, last reported date has nothing to do with credit exclusion date and nothing has been "reset" as far as reporting goes. 

While it is easy to vilify a lender because you have adverse actions taken against you, I think it is not warranted in this case as you have had AA done by more than one lender indicating that it is your profile causing issues not a specific lender behaving in an "unexplained" manner. 

[Yasselife]

How can we help him; how could we deal with it if we were in his shoes?

[Anonymous]

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@Remedios wrote:

Nothing is being reset. 

Based on what you typed, that account is a charge off now, even if it didn't start as one.

It's just them reporting account remains unpaid.

If you are interested in when it will be removed, pull copies of free annual credit report. You will be able to see either DOFD (add seven years to it to get approximate removal time), or it will have "on the record until" which tells you when the removal will occur. 

The fact CO reports monthly doesn't change removal date, nothing does. 

Unlike removal of positive accounts, removal of negatives is legally mandated. 

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The account was paid! Settled for 1800 which was the balance and late fees. It didn't include any interest that was coming due on the account. It was settled after I was late. there is a zero balance it never was charged off. It was closed as part of the agreement. As the delayed i interest was coming due at the end of the promotion. I get that it was late but the account is closed and settled there should be no more monthly reporting on it 

[RSX]

if they are reporting the Interest as an outstanding balance, then the best that he can do is to pay that off

they likely won't delete - but at least it will be a zero balance - which is the best status to have

the affect will lessen with time - but i think 60 day lates hurt for about 4 years of the total 7 years

[Remedios]

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@Anonymous wrote:

The account was paid! Settled for 1800 which was the balance and late fees. It didn't include any interest that was coming due on the account. It was settled after I was late. there is a zero balance it never was charged off. It was closed as part of the agreement. As the delayed i interest was coming due at the end of the promotion. I get that it was late but the account is closed and settled there should be no more monthly reporting on it 

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When you settled, deferred interest wasn't in effect yet, correct?

If that's the case, then unfortunately their reporting is correct. You settled balance and account was closed, however, closing an account doesn't change the terms, so deferred interest is due. 

Maybe see if they would settle that also because they are reporting correctly and you want reporting to stop. 

[Anonymous]

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@dragontears wrote:

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@Anonymous wrote:

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@Yasselife wrote:

I used to have a collection resetting the clock multiple times, and selling the debt to other Co agencies, my Vantage score showed as new while my fico reports maintained the same clock and shown when it would be deleted. 
   Is this the situation you're in? Fico is what counts and what major lenders use. It'll be deleted in 7yrs, do not worry.

---

I understand but it's literally Synchrony resetting it. I honestly don't have 7 years. Especially if they keep resetting it. That in fact should be illegal for any debt. I am considering paying $1000 interest for a complete deletion. They even sent me a tax bill for the interest they wrote off in 2020. I don't know what to do 

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They are not going to delete the account. Original creditors don't do PFD 99.999% of the time. You are stuck with the account. 

When you say they "reset" it did they change the actual close date? The late payment date? Or are you talking about the last reported date?

If you are talking about the last reported date then your terminology is wrong, last reported date has nothing to do with credit exclusion date and nothing has been "reset" as far as reporting goes. 

While it is easy to vilify a lender because you have adverse actions taken against you, I think it is not warranted in this case as you have had AA done by more than one lender indicating that it is your profile causing issues not a specific lender behaving in an "unexplained" manner. 

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I agree I used the wrong terminology. It was last reported. My other accounts are in excellent standing. I was talking about last year synchrony closed then removed my care credit card that was zero balance but the reported on my closed settled PayPal account. It makes no sense with the drop  like I said I believe it was something malicious as there is no reason why my score dropped. I even contacted all 3 Bureaus to find an answer 

[Yasselife]

Settling an agreement can cause a clock reset; it'll be reporting for 7yrs unless the agreement included the removal; now that the debt is paid, you may want to send a good will to the CO; I would start by disputing and let the Bureau request a debt verification, if the CO  spend their time on doing it, I'll send a copy of the letter to Bureaus showing the debt is paid off(I've seen people having luck with this) and if that doesn't work I'd use multiple good will letters

[Anonymous]

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@Remedios wrote:

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@Anonymous wrote:

The account was paid! Settled for 1800 which was the balance and late fees. It didn't include any interest that was coming due on the account. It was settled after I was late. there is a zero balance it never was charged off. It was closed as part of the agreement. As the delayed i interest was coming due at the end of the promotion. I get that it was late but the account is closed and settled there should be no more monthly reporting on it 

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When you settled, deferred interest wasn't in effect yet, correct?

If that's the case, then unfortunately their reporting is correct. You settled balance and account was closed, however, closing an account doesn't change the terms, so deferred interest is due. 

Maybe see if they would settle that also because they are reporting correctly and you want reporting to stop. 

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Eh oh well 

[Anonymous]

So far best advice I've gotten all day. 
Not sure what a good will letter is though. 

[Remedios]

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@Yasselife wrote:

Settling an agreement can cause a clock reset; it'll be reporting for 7yrs unless the agreement included the removal; now that the debt is paid, you may want to send a good will to the CO; I would start by disputing and let the Bureau request a debt verification, if the CO  spend their time on doing it, I'll send a copy of the letter to Bureaus showing the debt is paid off(I've seen people having luck with this) and if that doesn't work I'd use multiple good will letters

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@Yasselife  nothing resets reporting "clock". Absolutely nothing. 

Certain actions can restart SOL, but OP isn't talking about that, so let's not muddy waters since reporting period and statute of limitations aren't synonymous and have nothing to do with each other. 

Also, disputing a valid account with the original creditor will go nowhere.

This isn't a collection from 6 years ago, it just happened, no data is lost, and CRAs may determine OP is engaging in frivolous disputes. 

Reporting is correct, deferred interest got added after promotional period ended, and since account wasn't fully paid by the end of promo period, Synchrony did what is spelled out cardmember agreement.

Closing accounts doesn't change terms.