why do banks lie?

[legacys7]

why do they lie about not being able to delete negative reports off of your credit report? I just had BOA run that story to me. 

[guiness56]

Because they usually refer to the FCRA where it says they must report accurate information.  And read too much into it.  Yes, IF they report they do have to report accurately but they do not have to report at all.

[signguy17]

EQ Chat Representative named Frank said that if it shows up in the company's file then it needs to be reported accurately.  However, the CAs have no jurisdiction to dictate what is in a creditor's file on a particular customer.  Therefore, if a company choose to forgive a past due and wipe it from their files then the information previously filed with the CAs is no longer accurate thereby allowing the creditor to dispute the customers previous filing as inaccurate allowing for it's immediate removal.

[beb86]

I have added this in the past and it has worked in removing negs 

While you do have to report accurately, the law also provides that you don’t have to report at all. In fact, Section 623.a.7.e of the FCRA states that you do in fact have the authority to remove negative, yet accurate, information from a credit file if you choose. The FCRA just requires any information that you do report to be accurate.