Jump to content

overtherainbow86

Department Store Credit Card HELP

Recommended Posts

I work for a department store in which we solicit credit cards for the store. When starting employment there in 2011, I too opened up a card. By the time I had worked there for 4 years and paying on it monthly, my credit limit went from $300 to $3400.  I fell behind on the credit card payment for 3 months in 2014. The collection was sold to Midland Credit.

Fast forward to Oct 2017, I worked out a PFD with Midland. The collection/charge off  was removed completely from all 3 credit reports after payment was received November 2017. However the department store is still reporting for closed collection/charge off on my credit reports.

 

How can I go about getting this entry removed and should I divulge that I currently still work for the company? Would a goodwill letter be appropriate or should I dispute with the CR's?  If disputing the CR's is the way to go, should I dispute online or by mail?

Thanks in advance!

Share this post


Link to post
Share on other sites

Is the balance reporting at zero? I believe the OC reporting is correct. You may be able to get them to update the account as paid but the negative entry will remain on your report for 7 years. You may be able to try for a goodwill removal.

Sent from my SM-N950U using Tapatalk

Share this post


Link to post
Share on other sites

TU has the store reporting as a charge-off in the amount of $1374, EX is reporting Closed.$1756 written off and EQ is reporting $1374 charged off. 

 

Would a goodwill letter still be appropriate in this case? I'm unsure of why TU is reporting a different or if it even matters.

Share this post


Link to post
Share on other sites
TU has the store reporting as a charge-off in the amount of $1374, EX is reporting Closed.$1756 written off and EQ is reporting $1374 charged off. 
 
Would a goodwill letter still be appropriate in this case? I'm unsure of why TU is reporting a different or if it even matters.

Is the Chargeoff notation is in the “Pay Status” ? What is reported under “Balance”? Is the amount showing zero or the amount of the Chargeoff.


Sent from my iPad using Tapatalk

Share this post


Link to post
Share on other sites

"Charged off" is listed next to "Pay Status" on TU. I don't see the words "pay status" on EX or EQ


EQ has a $0 next to "Balance" and $1374 next to "Charge Off Amount".  EX has $0 next to "Balance" and "Closed. $1756 written off" next to "Status"

I don't see actual Balance on TU but it does list $1374 next to "Original ChargeOff"

Share this post


Link to post
Share on other sites

In that case, someone will correct me if I'm wrong, they are reporting correctly. I'm not sure how they should report of you paid the balance in full or settled. Sometimes the OC would update the status as paid in full or settled previously charged off. At this time the only thing I can think of is asking for a goodwill adjustment to reflect the account as paid or deletion of the pay status. Hopefully someone else will have another idea.

Sent from my SM-N950U using Tapatalk

Share this post


Link to post
Share on other sites

46. Question: How should accounts that have been transferred be reported?

Answer: There are two options for reporting accounts that are being transferred internally or to a servicer:
1. Preferred Option if account history can be verified by the new department or servicer: Report the L1 Segment to change the Identification Number and/or the Consumer Account Number. Use of the L1 Segment allows the consumer reporting agencies to retain all prior account history.
2. The second option results in two tradelines on a consumer’s file: the first as transferred and the second for the ongoing account. Report the following Base Segment fields as specified for the transferred account:
• Scheduled Monthly Payment Amount = zero
• Account Status Code = the appropriate code that specifies the status of the account at the time of transfer
• Payment Rating = if applicable to the Account Status Code being reported
• Special Comment = For internal transfers, report Special Comment AT (Account closed due to transfer) or for transfers to another company or servicer, report Special Comment O (Account transferred to another company/servicer).
• Current Balance and Amount Past Due = zero
FCRA Compliance/Date of First Delinquency = If the account is delinquent or derogatory at the time of transfer, report the date of the first delinquency
• Date Closed = date the account was transferred

Share this post


Link to post
Share on other sites

Chances are good that the store does not carry its own card balances.  MOST department stores long ago gave up doing that and instead shifted servicing to banks in the traditional card sectors.  So in that regard, discussion about working for the company is meaningless.

 

The reporting does not appear to be incorrect.  It WAS a charged off account, which means they wrote the balance off and then sold it somewhere (in this case, to Midland). 

 

Quite honestly, the balance written off on EX is the one that raises an eyebrow.  The other two is simply a difference in terminology but denote the same thing...the customer walked the card balance. 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Today's Birthdays

  • Member Statistics

    • Total Members
      176,118
    • Most Online
      1,528

    Newest Member
    nyugenius
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×

Important Information

Guidelines