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For those familiar with the Ollo card, WTF is going on??


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I have their rewards card.  Apparently there was a "system issue" on Monday, 2/1, in which the card couldn't be used and online access to the site was unavailable.  The site went back up yesterday, 2/2, but when I got in to my account the rewards I had earned previously were zeroed out.  I called them last night and got a rep who said that would be corrected; all good.  Come this morning, 2/3, and I received two email alerts; one from Experian, another from a different ID monitoring service.  Both stated that the status of my Ollo card was charged off-I have always paid this account in full before the due date, and with a zero balance reporting.  The rewards thing may be a mistake; but reporting a perfectly good account as a charge-off is totally unacceptable!!!    Trying to call them there is a 45+ hold time.  What the hell is going over there with Ollo???

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This is a nightmare of credit union proportions.

 

The last thing I would do right now is try to dispute this trade line.  

 

Sounds like the issue is widespread, and trying to correct something that's almost undoubtedly already in the process of being corrected could cause all sorts of headaches.

 

@trying2getbackin and @OlloCustomer , please post any updates, as I'm sure they will help the throngs of people who read here but are too shy to post (you know who you are! :wave: ).

 

 

Edited by cv91915
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10 hours ago, trying2getbackin said:

All corrected and all good, like it never happened..  Still, the alert was unnerving, and I am rebuilding, again!!.  In this instance best to let itself work out; but day-um!!

Thanks for the update!

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11 hours ago, trying2getbackin said:

All corrected and all good, like it never happened..  Still, the alert was unnerving, and I am rebuilding, again!!.  In this instance best to let itself work out; but day-um!!

A few days of patience is so hard, because we all want results now, but you showed this time how calmness and self-restraint worked out!! 

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On 2/8/2021 at 9:48 AM, swimmingwithsharks said:

A few days of patience is so hard, because we all want results now, but you showed this time how calmness and self-restraint worked out!! 

 

Putting myself in the shoes of an account holder, what I'd have the most difficulty biding my time with is the potential fall out from other creditors.

 

I hope I can be forgiven for grazing over on the "other white meat board" (MF), but there are some very creditable accounts where OLLO reported and corrected a charge off notation in very short order, yet in that span the CRA's kicked out monitoring notices to other creditors with the consequence that more than one account holder was CLD'd on an unrelated account.

 

Even allowing that the individuals involved may have been in rather precarious positions with the impacted accounts prior to anything reporting by OLLO, the whole nature and drawn out saga with respect to OLLO has me firmly recommending closing one's OLLO account at the earliest practical moment possible.  (I understand that OLLO principally serves "rebuilders", so they may not have a suitable backup at the moment.  If so, I suggest expediting the pursuit of one.)

 

OLLO has firmly demonstrated that they're "not ready for prime time players" of an ilk I'm not sure anyone has witnessed before.  I'd be willing to lay modest money on the proposition that they're out of business by the end of the year.

Edited by hdporter
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5 hours ago, hdporter said:

 

Putting myself in the shoes of an account holder, what I'd have the most difficulty biding my time with is the potential fall out from other creditors.

 

I hope I can be forgiven for grazing over on the "other white meat board" (MF), but there are some very creditable accounts where OLLO reported and corrected a charge off notation in very short order, yet in that span the CRA's kicked out monitoring notices to other creditors with the consequence that more than one account holder was CLD'd on an unrelated account.

 

Even allowing that the individuals involved may have been in rather precarious positions with the impacted accounts prior to anything reporting by OLLO, the whole nature and drawn out saga with respect to OLLO has me firmly recommending closing one's OLLO account at the earliest practical moment possible.  (I understand that OLLO principally serves "rebuilders", so they may not have a suitable backup at the moment.  If so, I suggest expediting the pursuit of one.)

 

OLLO has firmly demonstrated that they're "not ready for prime time players" of an ilk I'm not sure anyone has witnessed before.  I'd be willing to lay modest money on the proposition that they're out of business by the end of the year.

Well, if there is demonstrable adverse action based on incorrect CRA reporting, that sounds like an actionable legal event against Ollo, but I would defer to @PotO in these matters. 

 

Of course if you are right about Ollo's tenuous business viability, Ollo may not be around long enough to pay out claims. 

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4 hours ago, trying2getbackin said:

All good for now, but will they go the way of NextCard from the late 90s-early 2000s??

 

Glad I haven't got involved with BBVA...

What's up with BBVA? I know crappy rewards but its my highest CL at 16k. Got when they were NBA. 

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From the "other" board, alot of people with BBVA accounts had their credit lines slashed after the Ollo mis-reporting f-up..  Supposedly that is now being slowly corrected...

 

I have no experience with BBVA.  Their accounts are geofenced, and I live in a state outside of their service area. 

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