I just found out PNC hit me with a 60 day late and my score dropped from a 790 to a 630.
I have been paying our bill, however when I go online, when you click to schedule a payment, it shows the minimum due which apparently isn't the true minimum due. It's a long story, but after paying a lot more than the minimum for a very long time, I switched to pay the minimum on a closed HELOC (that's in repayment status) because we're getting ready to sell our house and didn't want to keep paying additional principal. Somehow (they say they're researching it) when I paid our bill in July 2018, the amount they showed as the minimum due, wasn't enough for that month. So it partially paid July. When I paid in August, again the minimum amount it showed, it split the payment, paid the rest of July then part of August. This has continued until just now when I find out in March they now show we're $555 60 days past due.
I spent an hour on the phone with them this week to find out what is truly owed so I can pay it immediately and begged for some grace on this. They said the same to me, that they do not do that and gave me the PO Box of the Consumer Loan Center to write. They were adamant there was not anyone I could talk to on the phone. I'm supposed to hear something back from them after a week of their research. I'm not hopeful they're going to come back with anything worthwhile. I can't imagine them admitting this as a bank error, even though their system clearly is flawed.
I'm very devestated because we're in the middle of building a home and now found out it's going to be a minimum of two years before we can apply for a construction loan with the 60 day on my credit. Having to explain to my excited spouse that our dream home we're starting to build is now on hold for 2-4 years was quite the blow.
Based on past experiences and experience with PNC especially, would I just be better off disputing it with the three bureaus and hope PNC won't respond and it will get dropped? Should I go through and really explain what happened or should I do something more simple with a dispute? I can certainly keep writing them a letter and keep calling, but I feel like it's not going to get anywhere. I'm open to any ideas and suggestions!
Have you considered filing a dispute under the Fair Credit Billing Act instead of or in addition to a dispute under the FCRA?
You can file a dispute under the FCBA within 60 days for becoming aware of a billing error on a revolving account.
FCBA disputes are much more comprehensive in both requirments and evidentiary showings than FCRA disputes, and may be a good alternative.
See FCBA 161 for the statutory dispute process under that Act.
After hearing back from them and them telling me there was nothing they could do and they encouraged me to write a letter to their PO box, I did. I wrote the letter and explained to them the situation. One interesting thing is, since I brought this all up with them, I suddenly have started receiving my statements again and the amount online shows correctly now. I noted this in the letter. I asked for a goodwill adjustment given I was paying exactly what it showed online, I hadn't received a statement in ages and they were splitting the payment each time. I also asked that if they were unable to do a goodwill adjustment given the obvious issues that were there, that due to not receiving statements in a timely manner and the online portal not showing the right amount, that I was disputing it under FRBA. After 30 days, I received a letter back stating that they reviewed the account, that they must report the account correctly and they stand by their decision and the account remains unchanged.
I'm not sure what to do at this point. Should I attempt to just dispute it as "Paid on time" since they did indeed receive payments on time, they were just splitting them between two billing periods when they applied it? Should I write another letter? Should I get an attorney involved? Should I just go with a credit repair agency and let them start fighting it?
Do they do 'paperless statements'? Is that what you were doing? I believe they would be required to have their correct 'minimum due' on your online account. I do not see how you should be held accountable if the mistake is on their end. They as a company should be required to provide correct information on your online account. I would definitely dispute the charges. Have you just disputed with the company or have you disputed with the CRAs?
Follow Roberts advice for one. Take all the paper documents as proof and go see a bank manager in person. Lay it all out in front of them and maybe they can make calls on your behalf and get this fixed. If you got all the neccessary backing on paper. How can the bank manager dispute it? They know who to call. We as consumers dont get that access. In person is a whole lot better than some corporate office wherever it might be. Good Luck!
I appreciate the replies. I couldn't get a straight answer from them if I was on electronic statements or not. I received a paper statement forever until at some point they stopped (and then suddenly started coming again after all of this I brought to their attention). No statements show online in the section they're supposed to, I have a screenshot of that section being blank. I had called them in October 2018 about this because I needed a copy of my 1098 and was told they had some issues with a system migration earlier in the year (which I think is where all of these problems really stem).
I've only wrote the one letter to them so far (after numerous calls), haven't disputed it with them or the CRAs yet (was worried I might make things worse if I do?). I've not taken the angle of the FCBA yet, but I think that's next. There's no branch here, the closest is about 200 miles away.
I didn't mention this earlier, but I did see in addition to it being reported late in March and April, they reported it late again in May as well, despite two payments being made in May, including the one I made after I made my initial call to them after this was all brought to my attention, that I was told would bring the account current. It also shows reported to Experian weeks later than when the amount was drafted from my checking account. It's also interesting that on the other months they reported it late, the amount it shows I paid was the same or more of what they reported my payment was, which is also what it showed online.
It's all really just a big mess. I appreciate all the advice. I think I'm going to write the rebuttal to this generic response they sent me, and send some pictures of the screenshots I do have. If I don't have a satisfactory response after that, I'll attempt to dispute it with the CRAs. I'll simultaneously look into the FCBA, but I know I'm already past the 60 day window, although my initial letter to PNC was right at the 60 day mark, so maybe that counts. If none of that works, I guess I'll drive to a branch and either look into speaking with an attorney or hiring a credit repair agency.
If it's not going to make things worse with me going ahead and filing a dispute with the CRAs I'll do that too, I was just worried it might ruin my only shot with them?
I also want to add, that I did discuss this with another bank loan officer and they suggested I start a letter campaign, contact the Banking Dept of florida, the Attorney General's office and to send in a physical mail dispute to all CRA's. If anyone has any thoughts or advice as far as that goes, I'd love to hear that too.
I am going through the exact same thing with PNC right now. Been paying on a closed HELOC for years. Paid the minimums shown on their website the last few months. We just signed a purchase contract on a house. When the loan officer pulled my credit, she asked me about the new late payment from PNC on the report. That was the first I had heard about it. Called PNC, and got no help. Planning to visit a branch to talk to someone in person as soon as I can.
Had a very similar issue with Huntington Bank. I paid what was on the 'late notice' they sent me same day I received it. Paid what was on the regular statement following month. And I was hit with one 30 day. I haven't bothered asking for goodwill as it's just one on the account and it cost 25 points. I would say that once you've 'caught up', your score will rebound a bit. I would speak to the loan officer for your new home and tell him/her what happened. If this is your 'only', it may go ahead and pass. However, your score has really dropped, so that will play a factor. I hate that this happened to you and I feel for both of you.
@nsrightmhave you had any luck? I talked to someone that does credit repair and they suggested we join a legal membership service and speak with a lawyer about handling this. I did that and a crotchety old lawyer I was assigned says to me "What do you want me to do? You were late!". So I proceeded with writing three typed letters and mailed them certified mail. I received back from all of them in under 30 days that the reporting is as stands.
So, so far I've:
In a couple of weeks we'll finally be past the 12 month point. My score is slowly creeping back, but I'm still over 80 points from where I was just over a year ago. I'm going to talk to one of our banks about doing the loan, because they said they may do it after 12 months, but I know my lower score is going to hurt, so all I can do is continue to wait it out. Most banks I've spoken to said they will not touch this for a construction loan until we're 24 months past the last 60 day late.
If you have any success, I'd love to hear it. Otherwise, sounds like time is the only solution.
I've considered just paying off the PNC account so it's closed then dispute it again after a couple of months, but I doubt that will work. I do want to be done with dealing with them forever, though.