What is this?

[despair808]

So I have a CO from BOA. SOL is about 1.5 years from now. I just checked my CR lastnight and I noticed on my TU report in the BOA tradeline that it shows a payment of $502.00 for 4/2015 and another payment of $502.00 for 5/2015. I never paid them anything....lol. Then....on the bottom of the payment amount there is a notation of PL. What is PL....paid late? What should I do with this? Looks like my balance due went down too...

[dansamy]

Profit/Loss? As in they're writing it off on their balance sheets?

[mrjuggalo9er]

Profit/Loss? As in they're writing it off on their balance sheets?

This but I do not think it should show as a payment

[hdporter]

Agree that this likely indicates that they're charging off the account against their overall loss reserve in installments. (Never heard of this before.) Makes me inclined to think that you may eventually receive a 1099-C.

 

The credit report entry may appear as a "payment", but I guarantee that in their system it's not treated as such. I don't think you need worry about either reset of the SOL, nor extension of the 7 year CRA obsolescence period.

[despair808]

Thanks.......it does make sense. I just sent them a PFD letter too....oh well...we will see what happens...

[tweak]

I have an unpaid BOA CO (DoFD = 9/2009).

 

I received a 1099-C in January.

They had not reported since 2010 -- that is, until March 2015, when they started updating again.

 

On my TU report - with the new detailed reporting -

the monthly status for March and April shows "Amount Paid: $200".

$200 was the amount of my last actual payment - way back in 2009.

 

It sounds like your reporting problems are similar to mine.

 

I think that BOA (and possibly TU) have the reporting all screwed up right now for old COs.

I agree with hdporter that you do not have to worry about reaging - and that you may possibly receive a 1099-C.

 

There may be potential for a future dispute - but wait until the dust settles from your PFD letter first.

 

 

There is also a small chance it may be related to the BOA credit reporting settlement mentioned here:

https://creditboards.com/forums/index.php?showtopic=543631

[despair808]

tweak...thanks for always being there with answers for me. Now i'm wondering if I jumped the gun and shouldnt have sent a PFD letter. It's gonna be interesting to see what their response will be. I have the money for PFD so if they offer it I will pay it due to mortgage app soon. If they don't accept PFD then I will just wait. Thanks again! Let me know if you hear anything more in regards to BOA and CChase because those are the 2 of the 3 CO's I have.

Edited May 24, 2015 by despair808

[tweak]

Good luck with your mortgage app.

 

That was a valid reason to try a PFD.

 

The BOA/Chase settlement may be completely unrelated to this, but who knows. They are both supposed to fix all COs that were IIB by August. BOA agreed to go further and "remove all negative marks" from any CO since 2007 that was sold to a JDB. (I also have one of these - reporting has not changed yet on that one.) But it do find it strange that BOA reporting on unpaid COs they own is now recently all screwed up for you and me.

[despair808]

tweak......does ur BOA tradeline show a balance? Have you seen your balance decrease too? Im just curious.....

[tweak]

My BOA CO balance has been the same (the charge-off amount) ever since I started checking my reports.

 

I just looked at a recent EQ paper report. EQ shows the same historical payment amount ($200) for Mar and Apr 2015 (like TU does) -- however, EQ also includes the correct actual date paid (Jun 2009) in each of those monthly historical status lines. So maybe this is a TU reporting issue, and not a BOA issue.

 

EQ also reports the credit limit as $0 (whereas TU and EX report the credit limit as $9600). I read somewhere that FICO excludes COs with either a $0 balance or $0 limit from utilization calculations. However, EQ is my lowest score, so I'm not sure how this $0 reported limit on EQ is affecting me.

 

 

ETA:

Has your BOA CO always reported monthly?

Or did they just start updating again recently (after being dormant for a long time)?

Edited May 24, 2015 by tweak

[despair808]

Looks like we are in the same boat. My EQ is my lowest score too. As far as the CO for BOA.....they just started updating again within the last 2 months. All other prior months there is a "x" for each month. My CO was in 2009 too. My Amex was dormant too and I woke them up probably with the PFD letter. Doesnt affect my score anymore by them doing that. Im just gonna hold on to my seat and see what happens. Will keep you updated.

[tweak]

Someone else recently posted that BOA started updating a CO on their reports again.

And then a couple of months later, the tradeline magically disappeared.

 

Maybe we will get lucky like that.

[backtobusiness]

After reading this thread, I have come to realize that this may related to BOFA settlement as linked by Tweak in post #6. I currently have 16 negative accounts on TU, when I refreshed my SC today, two were gone which were the two negatives I had with BOFA. BTW, they were IIB, and weren't due to fall off until 9/2017.

[despair808]

backtobusiness.....thats great! Now I wish it will happen to me. One less negative tradeline to worry about. Keeping my fingers crossed. By the way......did you see any notations of a paid amount in the payment section of your BOA tradeline before it was deleted?

[backtobusiness]

backtobusiness.....thats great! Now I wish it will happen to me. One less negative tradeline to worry about. Keeping my fingers crossed. By the way......did you see any notations of a paid amount in the payment section of your BOA tradeline before it was deleted?

No I did not. However, I have the feeling that because these were IIB accounts, they did not want to risk it by updating. I will be keeping an eye on two Chase accounts since they were also part of the settlement.

[despair808]

Im one and one. One for each. I'll be watching too. Thanks!