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Lender claims 30 day late reporting cant be removed once an account is closed and paid off.

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I started cleaning up my credit and want to remove a 30 late from June 2019..... SOB lender wont work with me.. It was the only late payment in my 4+ years with them.  The excuse they give is that since the account is paid/closed they cant make any changes...  Is this true?

 

On the same note having this hassle make me consider credit repair. I know this is a who new topic but as long your here .. is it worth it to remove 1 late (drops off in 7 years)  and 2 charge offs (which drop off in the next 2 years)...

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A lender has no reason to grant a goodwill request on a legitimate late payment where the consumer is not a current customer.  There is nothing in statute which would preclude the change, but they have no corporate obligations to grant the goodwill. 

 

Charge-offs are a score killer.  How you approach them will be driven by who and what they were and whether you are inside or outside the statute of limitations for litigation in your jurisdiction.  Obviously this is less of a factor if you are not afraid of court, but many consumers are more afraid of court than they are people who don't like masks. 

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33 minutes ago, RockinStitch said:

I started cleaning up my credit and want to remove a 30 late from June 2019..... SOB lender wont work with me.. It was the only late payment in my 4+ years with them.  The excuse they give is that since the account is paid/closed they cant make any changes...  Is this true?

 

On the same note having this hassle make me consider credit repair. I know this is a who new topic but as long your here .. is it worth it to remove 1 late (drops off in 7 years)  and 2 charge offs (which drop off in the next 2 years)...

 

It's possible that, depending upon any other adverse information in your file, the 30-day late is the very last thing you should pursue.  If you have other 30-day or 60-day delinquencies reporting on other tradelines, then removing this most recent delinquency won't likely gain much in either the short run or longer term.  On the other hand, if aside from the 30-day  and the charge-offs, your report is clean, then (yeah) it's worth jumping through a few hoops to kill the tradeline, if possible.

 

As far as the charge offs, I won't discourage you from attempts to clear these tradelines from your report, but I'd place a greater effort on establishing some new tradelines.  Seed things properly now and when those charge-offs drop in 2 years, your credit can flourish soon after (if not before).

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46 minutes ago, hegemony said:

welcome to CB!

 

What method did you employ with the SOB lender?

 

What are you doing for the other half of credit repair?

All i did was give the SOB a call to see if they could remove it...   i havent done anything for the other half...

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9 minutes ago, RockinStitch said:

All i did was give the SOB a call to see if they could remove it...   i havent done anything for the other half...

consider researching "good will" letter for the SOB

Edited by hegemony

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51 minutes ago, centex said:

A lender has no reason to grant a goodwill request on a legitimate late payment where the consumer is not a current customer.  There is nothing in statute which would preclude the change, but they have no corporate obligations to grant the goodwill. 

 

Charge-offs are a score killer.  How you approach them will be driven by who and what they were and whether you are inside or outside the statute of limitations for litigation in your jurisdiction.  Obviously this is less of a factor if you are not afraid of court, but many consumers are more afraid of court than they are people who don't like masks. 

i am inside the the SOL... but close to the finish line.... i believe one drops in december of this year and the other at some point in 2021.. both are credit cards one us Merrick Bank the other some bank called UMB.

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8 minutes ago, hegemony said:

consider researching "good will" letter for the SOB

thanks thats my next step... i just wasnt sure if they were being honest.. i understand they are under no obligation to do anything but they said they couldnt because of it being closed and paid. 

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2 hours ago, RockinStitch said:

thanks thats my next step... i just wasnt sure if they were being honest.. i understand they are under no obligation to do anything but they said they couldnt because of it being closed and paid. 

This may be true, it may be their internal policy but it certainly isn’t a hard and fast rule across all vendors.  
 

I agree with Centex, a goodwill letter has little chance of success given you are no longer a customer, there is nothing in it for them except maybe getting a warm fuzzy feeling that they helped someone, and I don’t see that happening.   You’re better off trying to find something legitimately wrong with the trade line and get it deleted.  You should also be looking to find ways to get the COs off your report, it is certainly worth the effort.

Edited by CTSoxFan

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14 hours ago, RockinStitch said:

i just wasnt sure if they were being honest.. i understand they are under no obligation to do anything but they said they couldnt because of it being closed and paid. 

To be fair they are being honest.  You assumed they meant LEGALLY they could not remove the late payment.  They didn't say the law prevented them from doing it.  They said the account being paid and closed meant they couldn't do it.  After the 2008 melt down most creditors really tightened down the policies on changing accurate negative entries and pay for delete making it a relic of the past.  Some creditors have a very hard line stance on not doing either at all.  I would expect after the current covidiocy that consumers will see this even more.

 

If it were me I would use the virus economic crisis as the basis for the good will letter.  i.e. "I am hoping that you will consider changing this entry to "no data" given my otherwise slellar history with your company.  The recent economic crisis is causing many creditors to tighten standards which I respect but I would hate for one mis-step in 4 years to give the impression that there is an actual problem vs. a bona fide error."  It just MIGHT work but don't get your hopes up. 

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15 hours ago, RockinStitch said:

i am inside the the SOL... but close to the finish line.... i believe one drops in december of this year and the other at some point in 2021.. both are credit cards one us Merrick Bank the other some bank called UMB.

UMB was actually a decent bank...they underwrote a number of the affinity cards that were briefly popular here...rewards were so-so at best, but some of the cards were for good causes and had cute pictures.  They also underwrote a few gas cards...I believe that QuikTrip was one of them...I had a QT card for a while before it got closed for insufficient use. 

 

I only knew of one person that defaulted with them...the paper was never sold, although it went through a few non-reporting placements.  But that could be a State-specific thing since decisions can vary based upon remedies available through the various collection options.  I could easily envision a scenario where a bank does better with the tax write-down than they do by selling the account...if they did not sell, I am surprised that you have not received a 1099-C from them. 

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1 hour ago, centex said:

UMB was actually a decent bank...they underwrote a number of the affinity cards that were briefly popular here...rewards were so-so at best, but some of the cards were for good causes and had cute pictures.

UMB was the talk here in the wake of "Junami" (though everything paled against those Juniper Bank approvals ;) )

 

To this day, I'm disappointed I never took a pass at getting a "Guide Dogs for the Blind" card.  (Not too late ... UMB still issues the card!!)

The card impressed me as best card to pull out when on a "hot date"; what potential hook-up wouldn't just melt all over that?? :)

 

(yeah ... my "hook up" days pretty much were at an end when I moved in with my wife-to-be in '85)

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