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Back in March of 2020 I got behind on a number of my credit cards.  I spoke to all of them and made arrangements to make payments. Fast forward to today, I sent the following letter to them to attempt to delete the late payments . I got responses from three credit card companies, they are completely ignoring it.

 

"Effective January 31, 2020, creditors should have changed the way they are reporting late payments. In light of the recent CARES Act, creditors should not report any late payments to the credit reporting agencies during the CARES Act period* to avoid harming my credit score. This change is temporary, and applies ONLY during the CARES Act period as defined below.

On March 27, 2020, the United States congress passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to help Americans during this uncertain time. Among other things, the Act is designed to help protect my credit during the pandemic.

Based on this information about my rights and protections under the CARES Act please remove any late payments you have reported to the credit agencies ASAP.

* CARES Act Period- Requirements apply to certain consumer account payments made between January 31, 2020 and the later of either: 120 days after March 27, 2020 or 120 days after the national emergency concerning COVID–19 ends."

 

Your thoughts...


 

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6 hours ago, financialevolution said:

Back in March of 2020 I got behind on a number of my credit cards.  I spoke to all of them and made arrangements to make payments. Fast forward to today, I sent the following letter to them to attempt to delete the late payments . I got responses from three credit card companies, they are completely ignoring it.

 

"Effective January 31, 2020, creditors should have changed the way they are reporting late payments. In light of the recent CARES Act, creditors should not report any late payments to the credit reporting agencies during the CARES Act period* to avoid harming my credit score. This change is temporary, and applies ONLY during the CARES Act period as defined below.

On March 27, 2020, the United States congress passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to help Americans during this uncertain time. Among other things, the Act is designed to help protect my credit during the pandemic.

Based on this information about my rights and protections under the CARES Act please remove any late payments you have reported to the credit agencies ASAP.

* CARES Act Period- Requirements apply to certain consumer account payments made between January 31, 2020 and the later of either: 120 days after March 27, 2020 or 120 days after the national emergency concerning COVID–19 ends."

 

Your thoughts...


 

 

You are fighting a losing battle.  The CARES Act specifically required the tenets of the Act be applied to agreements entered into from 1/31/2020 up to 120 days after 3/27/2020 or the end of the "emergency" ending.  It does not state they have to change any information that is accurate prior to entering into a payment agreement.   NOTHING about the law requires they retroactively apply it and I know of no creditors that did apply it prior to it taking effect.  The FTC website has a FAQ section that clearly states that creditors must report accurately including that the account(s) were in good standing prior to putting them under CARES Act accommodation or that they not continue to advance the delinquent status if they were not in good standing when protection was started.  No where does it state they are required to remove accurate late payments prior to the consumer requesting assistance under the Act.  

 

My opinion:  if you were already late coming in to March they can leave that delinquent status and they are not in violation of the Act.  WHEN were you first late and WHEN did you request accommodation under the Act?

Edited by CreditSucksNot
clarification
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11 hours ago, financialevolution said:

I was first late in March and April of 2020. Not prior. I made the request on 05/21/2021 when I first learned about the Act,

 

That is why the creditors are ignoring it.  ANY late payments and status prior to your entering into a payment arrangement can remain.  They are accurate.  What they cannot do under the Act is continue to escalate the "late" status once you did enter into a payment arrangement.  So if an account was 60 days late when you made the arrangement under the Act it stays that way.  They do not have to remove it but they cannot update the reporting to current timelines i.e. 60/90/120 days late.

 

Which creditors are you specifically dealing with?  Some are more rigid than others.

23 hours ago, financialevolution said:

In light of the recent CARES Act, creditors should not report any late payments to the credit reporting agencies during the CARES Act period* to avoid harming my credit score.

 

Unfortunately your credit was harmed well before the CARES Act and the law does not require they undo the damage you had already caused prior to the Act and your requesting accommodation.  The period starts when the law was passed on 3/27/2020.  You did not request accommodation under the Act until late May.  Absent a well worded good will letter to the right person at each creditor (and that sample above is the polar opposite of well worded) I don't see anything changing but you can always do a consult with a competent consumer attorney to be certain.

Edited by CreditSucksNot
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4 hours ago, financialevolution said:

I haven't tried a goodwill letter but I will.  The creditors are: Capitol One, Credit One, Merrick Bank, and Genesis

With that group of generally subprime turds of a bank, I would not get hopes up on relief.  Spend some time researching executives for each of them before sending ANYTHING out though.  DO NOT use a generic address found on your statement for correspondence...

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  • 3 weeks later...

Thank you guys for suggesting and motivating me to send out a good will letter. I did send one to Credit One Bank and it worked. I got an e-mail and a call from the team lead from the Office of the President. They took off my 30 and 60 day lates from my account. I'm sending a good will letter to all the other creditors. I'll keep you posted.

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