I am still new to this forum and have greatly appreciated all of the insight and knowldege shared with me (specifically) as I have asked several "rookie" questions. Still learning. Still working on a rebuild. Still working on this one baddie on my credit reports.
First, a brief overview of the situation and then my two or three questions (to provide you good folks with a bit of a road map...this post will look loooooong)!
Short version of this situation is:
1. had a Merrick Credit Card back in 2015/2016/2017
2. had some "issues"
3. made no payments starting in April, 2017 and the account was charged off in November, 2017
4. ignored everything for two years
5. November, 2019 I contact the CA (which was a Merrick in-house CA best I can tell) and paid off the debt entirely over one year
6. Merrick updates status as "paid in full, was a charge-off"
7. Merrick is still updating the account each week, however, with Equifax and Transunion. Oddly, not with Experian.
I have disputed with Equifax (back in June, 2021....resolved on July 2, 2021). I have had several follow-up conversations with Equifax and receive somewhat different results / information each time. The first time I followed up (because I could not see the pdf dispute results file in my myequifax account) I had a very kind gentleman on the phone who went over this with me and then we discussed a few more points. He seemed to fully grasp what I was trying to accomplish and was quite helpful. There was another follow up phone call a few days later. Then I followed up today. Today Equifax told me that the creditor has (A) updated the account on the 12 of August and (B) not officially reported this account as "closed" with them. Well drats.
Please find attached four screen shots. The first two are of this account on my Equifax credit report (from August, 2021) and the next two are of this account on my Experian and Transunion credit reports (also from August, 2021). Maybe these will help "paint the picture"!
My questions:
1. What are the responsibilities of the creditor to report an account as closed? And what constitutes exactly a closed account? Seems like a simple question, but possibly more to it than meets the eye?
2. If the creditor reports an account as closed to one CRA (please see the last screen shot which is of my Transunion Credit Report which clearly has a "Date Closed" of "09/01/2017" listed) why would same creditor not report the same account as closed to another CRA (please see the second screen shot which is of my Equifax Credit Report...you can see the yellow highlighted fields...the "Date Closed" field has no date shown).
3. Why is the Agent at Equifax telling me that the creditor has not reported this account as closed when it shows up as "CW Nexus Credit Card (Closed)". I asked him his and he told me because there was no date reported in the "Date Closed" field. Which I can understand - to a point. Logically, that makes sense. For an account to be closed, there needs to be a "Date Closed" value.
He has suggested to me that I need to contact Merrick (aka, CW Nexus) and request that they report it as closed with the official date. I am - to be honest - hesitant to contact CW Nexus as they are not the kindest of people (I understand that I did not pay my debts to them on-time and that there was ultimately a three-year delay in paying...so I get that I am not in the best graces. They just seem vindictive to me....and I am nobody's victim. I have owned this debt and accepted my responsibilites - late, to be sure....but I did handle this!)
Follow-up questions:
1. Since there is no "Date Closed" data the Equifax agent stated that the creditor has never officially updated Equifax as to this account being closed. He assured me that once this field is populated and this account is officially updated as closed, that the creditor would not be able to update the account any longer. And it is the "Date Reported" field and its weekly updated values that I initially disputed. I am concerned that may or may not be the case. My Transunion Credit Report shows a "Date Closed" value of 09/01/2017 yet it is being updated every week / every other week and currently has a 08/05/2021 value.
WHAT IS THE FREAKING RULE WITH RESPECT TO CHARGE-OFFS THAT HAVE BEEN PAID IN FULL AND THE CREDITOR UPDATING THE ACCOUNT (ASSUMING THAT IT IS "CLOSED")?
I hope that this all makes sense? I know what I am trying to ask....
Starting Score: Exp 627
There is only one issue here and it is that once a CO account is paid off and the balance is updated to zero updating of the account is to stop per CRA rules. You need to get a supervisor and tell them that the creditor is violating their rules about how such accounts should be handled. Date closed doesnt really mean anything nor saying that its closed as long as status is paid with 0 balance.
Awesome. Thank you. As a sidebar, I contacted Transunion last week (two different times....I tend to not have much luck with 'customer service' until I speak to four people) and was told that they can not do anything and that I needed to contact the creditor. So, it is not only Equifax providing that inaccurate information. Might I ask from where in the rules you see this so that I might educate myself and reference it if and when I need to do so? Thank you....you have been always so helpful.
So what is your advice when you spend nearly two hours on the phone with Equifax and you speak with a Supervisor, who continues the narrative that the Support Agents are making (that the account is not closed and that it needs to be closed.....that the only entity that can stop updating this account is the Original Owner, that I need to contact CW Nexus - aka, Merrick)?
They really seem stuck on the lack of a "Date Closed" value. I mean, the danged account shows as closed in the freaking Equifax report [shows as CW Nexus Credit Card (Closed)]. They are really stuck on the lack of a Date Closed value.
And they dismiss the fact that the account was paid in full and that the final payment made on December 1, 2020 brought the balance down to $0 and that this is the last time the account can be updated (because the account was paid in full).
UGH!
@HowDoesThisAllWork wrote:So what is your advice when you spend nearly two hours on the phone with Equifax and you speak with a Supervisor, who continues the narrative that the Support Agents are making (that the account is not closed and that it needs to be closed.....that the only entity that can stop updating this account is the Original Owner, that I need to contact CW Nexus - aka, Merrick)?
They really seem stuck on the lack of a "Date Closed" value. I mean, the danged account shows as closed in the freaking Equifax report [shows as CW Nexus Credit Card (Closed)]. They are really stuck on the lack of a Date Closed value.
And they dismiss the fact that the account was paid in full and that the final payment made on December 1, 2020 brought the balance down to $0 and that this is the last time the account can be updated (because the account was paid in full).
UGH!
Then file a complaint with the CFPB, the BBB, and your state's AG against both Merrick/Nexus and the 3 CRAs (separately). Explain everything that's happened and be sure to include any proof.
Hello, all!
SO, I decided that I would go straight to the source. Yes, sir! Yes, ma'am! I called Merrick this morning. I am going to write them a letter and list out the details that I think need to be reviewed and modified and we will see what happens!
My frustration through out this process has been, actually, with the two CRAs (Equifax and Transunion). Only one of the numerous phone calls with Equifax was with someone who did not seem to get stuck on "Hey, this account is not showing as closed with us" and who did indeed seem to be focused on - from my perspective - the relevant data: the Balance being $0 (because of the 'paid in full' status). Additionally, with that one exception, all representatives and Supervisor at EquiFax told me that they could not do anything. The one phone call with TransUnion resulted in the same (we can not do anything....so call the Lendor directly).
So, I am going to give Merrick (aka, CW Nexus) an opportunity to prove most of the people in these forums wrong (in that so many people have stated that Merrick is really tough and mean and nasty and and and) and to do the right thing. I am good with this decision.
I am going to write that letter tomorrow and send it off to NY (where Merrick is located for this type of situation) and I will let y'all know what happens.
If this course of action does not yield the desired results (which, to be honest, is simply to get this stuff correct....whatever that might mean) then I do have another plan (which I really do not want to do....but I am not messing around here any longer....this is the one baddie on my credit reports and I REALLY want to purchase a house in the next 12 - 24 months!!!!)......
Letter drafted, screen shots from EquiFax and TransUnion Credit Reports attached to letter, letter mailed! ETA is Monday, the 23rd. Let's see what happens!
USPS confirms that the letter was delivered this morning at essentially 8AM. It is in Merrick's hands now (quite literally).
