Untangling EQ

[rom828]

So, Robert, you dont think these 90 day lates added after the CO date and reflected on my FICO are costing me any more points than the charge off itself??

I'm not worried about the clock restarting as the whole TL is scheduled to delete  10-09 based on DOFD.  My concern is that those add'l 90 day lates are costing me more on my score or look worse to a creditor. 

I just dont understand how they can add late payment dates after the charge off date?!?

But if FICO is going to score it as more recent if it were to update with those lates removed, it would have a more negative effect on my score rather than helping at all.

I've recently obtained some prime cards (Amexes, Discover More) so I guess it's not hurting that much, but it's a matter of principal with me that I want the TL to be reported correctly.  A charge off is bad enough (I reiterate that I did pay it), but to add the 25  90 late pyts is worse...or so I thought.

There's a long story to this one anyway that I think I've posted about elsewhere. I called to close the acct  in July 03 when I was having fiscal problems due to DH illness. Up to that point had only had 1 60 day late and 2   30 day  late over the course of the acct opened in 1998.  I arranged to make pyts til paid in full (nothing in writing...I know, I know) .  Right after I made the Nov pyt, got notice from CA that acct was in collections. I was shocked needless to say as I was only 30 days when I called to close and make pyts (like a hardship thing).   Tried to get straightened out w/CA felt so beaten down I just went along w/CA to set pyts up thru them....tho I still got monthly acknowledgement of payment in the mail on Providian letterhead.  CA assured me all would reflect positively  on my report, wouldnt show collections, etc.

I made payts from 11-03 til paid off 11-05.  Ran  EQ FICO in April 05  and it showed the acct as a charge off 11-03, closed 11-03, but showed  all pyts from 11-03 up to then (04-05) as "OK" on the monthly pyt bar.  Asked the CA about the CO designation and was told it would just show as a closed acct once it was paid off.  I was completely ignorant at that time about CAs etc so went along with the explanation.

Needless to say, it didnt ever show closed by consumer. After final pyt rec'd letter from Washington Mutual (nee providian)  with "Congratulations, your account is now satisfied".  When I ran my report Jan 06  EQ was showing it as a charge off 11-03, but now instead of pyts being "OK" from 11-03 to 11-05, it showed CO for those months and OK as of 12-05, and in the at a glance page showed all those pyts as 90 day lates.  FICO EX showed that same thing and still does.  TU just shows at Charge Off with no lates at all.  A call to the CA resulted in them tellling me that couldnt change the reporting, I'd have to get OC to correct it!!  this after somebody was reporting it all those months as "paid OK"!!  I never pursued w/WAMU/Providian....guess because I figured I'd get nowhere.

The account to this day on EQ shows closed 11-03, status as Charge Off, and now with  2  30 days, 1 60 day (no dates given) and  25  90 day lates with the dates of 11-03, 12-03 up to 11-05.

Any attempt to dispute w/EQ has resulted in "verification", which is why I ws going to see if the Atty could have more luck getting it corrected.  I never pursued w/OC

But if as you're saying it wont help, then I guess I shouldnt pursue it.

Sorry to have been so long winded.  If you have any further thoughts or advices, please post!

Message Edited by rom828 on 06-22-2008 09:21 AM

[Anonymous]

Bump, same issue but with Dress Barn account

[RobertEG]

They cant. 

When they did a charge-off, they deducted it as a loss in their tax filings.  That is what a charge-off is.  They legally reported your account as a loss against income, and thus cooked their books to their flavor.

They cannot afterwords continue to report activity on an accont that they have written off for their tax advantage.

Get a lawyer.

Message Edited by RobertEG on 06-23-2008 03:02 AM

[rom828]

Thanks, Robert.

As a matter of fact I meet with my lawyer tomorrow which is why I was anxious to hear back.  I wanted to have an understanding of what can and cannot be reported and how.

The atty was helping me on another DV & reporting matter, and had actually already sent letters of dispute to EX and EQ on this Providian issue  (as I've done repeatedly before to no avail) demanding MOV &/or removal.

No results  yet so I guess his next step will be direct w/OC, which from what I've read on the forum may result in TL removal as WAMU doesnt have old Providian records.

It's just so annoying that this has gone on so long and I've not been able to get it corrected when per your explanation it would seem simple enough:  they wrote it off on 11-03, the acct shows as closed 11-03, so they cant show lates after 11-03.  It just seems so logical that this would be an easy fix, but obviously when dealing with CRAs nothing is simple.  I havent even been able to get EQ to show it as a Paid CO...the show it paid and $0  in description, but the 'current status' they continue to show as "Bad debt/Collection". 

Thanks again, Robert, for your advices!