@Anonymous wrote:Okay so my wife has an overdrawn account for $50 with Texas Trust CU its been on her credit since 2008, they are reporting it as an installment account, we've tried PFD but they insist that their policy doesnt allow for that and there is just ONE person who we are able to deal with regarding this since they are a smaller credit union. We have done DV. Furthermore, the gentleman said "I hope that you dont think this will just fall off your credit after 7 years if you dont pay it, since we are a credit union and not a bank we can transfer the account and it will remain ANOTHER 7 years"???
So my hopes are to get advice on getting this item removed, we're more than glad to pay for delete but it doesnt look like thats an option. Is it true what he said about them renewing the account and staying on for a total of 14 years, if not...is it illegal for him to lie about that? (of coarse I'd consult with an attorney before taking any action)
He's full of crap. Doesn't matter that it's a CU, CRTP is the same for them as it is for anyone else. One problem you might encounter is if they post to Chexsytems or Early Warning Systems. This may hinder you from opening a credit or savings account with other institutions.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
That dude is a tool.
Pay what is owed. GW them to death.
Nope.. it will fall off 7 years + 180 days of the date of first delinquency.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
Just depends on the coding on that one. I don't think it's affecting you more as an install, it's not figuring into Util.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
@Anonymous wrote:Its reporting as an installment account...is that something they can do? Its not an installment account so in my opinion they shouldnt report that its something that it isnt. This isnt a loan, it was an overdrawn checking accont that was neglected by mistake. Shouldnt it be reported as a regular collection?
Did you try disputing it based on this fact? Doubtful it would get removed they'd probably just change it to a regular collection.
However also with that in mind a couple years ago (no idea how long its been) they passed a law saying people couldn't automatically be enrolled in overdraft protection and that you had to Opt-in. Basically if you read the terms and conditions of these overdraft protections you got the SAME protection as you would without opting in but it basically allowed them to charge you additional fees all under the assumption that you would be "protected".
Basically it would set a limit - and it was basically a credit limit beyond and that was how far you could go into the negative before it would freeze your account. If you opted out they would probably freeze your account after the first overdrawn charge. Now every time you overdrafted they would still take out the OD fee plus you would be charged interest. So in essence if this was one of those shoddy things (cu and banks both did them) then it might in all technicality be considered a loan.
Luckily the laws changed and its now mandatory that you have to Opt-in for this service and that you can't automatically be opted in and have to ask for this service vs the old way of doing it was automatic unless you asked to opt-out.
