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Help....Merrick Bank is sticking it to me.


The last post in this topic was posted 4648 days ago. 

 

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I just fed the monster to see a 30 point drop on my EQ. fico score. Report tells me I have a late payment within the last month

showing from merrick bank. Thing of it is that this account is and has been for at least 4 years showing as a charge off.

Can they start reporting it as late payments after its already been charged off? The account is do to fall off my report in june of 09, I disputed it last month as obsolete. Thought they might just let it go since it was so old and only for $112.00, but no such luck they verified it with the CRA. I don't have any other recent lates and this really hurts, any advice? Can they do that?

 

Date opened 9/2001

Last payment 5/2002

DOLA 5/2002

Reported 8/2008

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To answer the question of whether or not it can be reported late as of CO depends on a few factors.

 

1. Has it been sold? Do you have any CA's after it? If the answer is yes, then they cant.

 

2. Or has it just been sitting quietly all this time?

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Never sold, no CA after me, it's just been sitting there for years as a co, now they are reporting late payments when no payment has been made for over 5 years. I guess technically that is a late payment, but why would they just start reporting it that way now after all this time, are they just trying to be jerks.

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umm, last month I tried to have a pd co from Merrick removed from EXP due to age. It was reporting as a charge-off since 05. It is not due to fall off until 11/08, but I wanted to have it removed instead. EXP updated instead with a co date of 7/08??? WTF??? CO after paid in full. Since dola is was still reporting correctly (and I have pmt history docs to back it up), I decided to go the soft approach and make the phone call. The rep from Merrick cms dept explained that since all information AT THAT TIME was reporting correctly that they were not able to delete due to in house legal requirements. However, since it is NOW reporting inaccurately, it would advisable to resubmit my dispute. I'm waiting on it now. I don't know, it could be the case for you also. I don't think it would hurt to write to the CRA for removal due to the inaccuracy.

 

FYI she stated that Merrick really wants some of their earlier portfolio purchases cleared out.

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Ok, this whole thing is getting to be a real pain in the @#$ ! I called myfico.com when I first say the 30 piont drop

because of the alleged recent delinquent payments. There interpretation of my Eq. credit report said I had a late this month but didn't tell me on which account, so I called and they told me it was Merrick that had reported a late this month. I asked her how it could be late on an account that was charged off so long ago? I was told that I should dispute that with Eq.

cause it didn't look write to them but they couldn't do anything about it as they only handle the fico score and had nothing to do with what was actually on the Eq. report.

 

So I call Eq. and they tell me they do not show any recent lates, which is also what I see when I look at the report directly from Eq. website. The only change I see is the reported date is now 8/2008 since it was recently disputed. But still shows as a charge off from 2003, with DOLA of 5/2002.

 

Looks to me like Fico is using the new reported date as recent missed payment date. How would I go about fighting this, Eq. is reporting it correctly, fico is just interpreting it wrong in the score calculation ( I think ). Can I even dispute with Fico.com?

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Ok, this whole thing is getting to be a real pain in the @#$ ! I called myfico.com when I first say the 30 piont drop

because of the alleged recent delinquent payments. There interpretation of my Eq. credit report said I had a late this month but didn't tell me on which account, so I called and they told me it was Merrick that had reported a late this month. I asked her how it could be late on an account that was charged off so long ago? I was told that I should dispute that with Eq.

cause it didn't look write to them but they couldn't do anything about it as they only handle the fico score and had nothing to do with what was actually on the Eq. report.

 

So I call Eq. and they tell me they do not show any recent lates, which is also what I see when I look at the report directly from Eq. website. The only change I see is the reported date is now 8/2008 since it was recently disputed. But still shows as a charge off from 2003, with DOLA of 5/2002.

 

Looks to me like Fico is using the new reported date as recent missed payment date. How would I go about fighting this, Eq. is reporting it correctly, fico is just interpreting it wrong in the score calculation ( I think ). Can I even dispute with Fico.com?

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To answer the question of whether or not it can be reported late as of CO depends on a few factors.

 

1. Has it been sold? Do you have any CA's after it? If the answer is yes, then they cant.

 

 

I have looked around and cannot pinpoint the exact statue that refers to this. How do you know that it cannot report any previous lates if it has been sold to a JDB.

 

Thanks!

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i dont really know of a "law or statute". But think about it.

 

The OC sells the debt. Their hands are clean. They dont have it.

 

CA now has it.

 

The OC must report a zero balance, as there is no account to "update".

 

Anything they had PRIOR to selling the account can remain. (lates for example)

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It sounds like what happened is that the account was just sitting there aging because Merrick was not updating it. (unlike Cap One who loves to update CO's on a monthly basis) You disputed it, Merrick verified it and because of that the account was updated to the date they verified - 8/08.

Updating it could increase the reported amount past due if interest is added and updating would make it look newer than it actually is.

 

Updating it is not re-aging unless they changed the DOFD.

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The DOFD is 2002, which is exactly what it was before I disputed. I don't think my problem is with Eq.

on this. Everything they are reporting looks accurate, they don't show any recent late's. The problem is with Fico, it's using the date that it was updated, 8/08 as a recent late. Fico says I have a late reporting this month, but none of my credit reports show a late in over 4 years. How do I get fico to make the correction, should I send them the hard copy so they can see there are no recent lates.

 

Last month before this happened I got approved by CareCredit with a 5k limit. Three days ago I was denied credit by GEMB, (the same company that issues the Carecredit card) for a walmart card and they listed "recent delinquency" as the reason of the denial. They pulled Eq.

 

If they looked at my Eq. fico would they only get the score or would fico also report a recent late ? When a creditor pulls my fico do they also get fico's interpretation of the correlating credit report or just the fico score and they pull the actual credit report from the CRA?

 

The whole thing has gotten very confusing and I thinking of just letting it go because it will drop off my report in less than a year anyway.

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The last post in this topic was posted 4648 days ago. 

 

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