Interesting conversation w/ EQ rep today. This girl reported that if you were EVER late on an account that the creditor can rate your status as r2,3,4,etc for the duration of the account. For instance.... I paid an account 60 days late in 1996. Never again late. The account is now paid off-6 years of "PAYS AS AGREED"-when the account gets paid- BOOM-this will be R3 for another 6 years? Can anyone provide me w/ info to contradict this?
Pure b.s. The late can be reported for 7 years, just like any other derog. In fact, if you look at your equifax report, that account should say something like "this account is scheduled to go to positive status in 2003" .
Thanks for the reply LKH. I think that the creditor changed my status simply because I disputed the account. This account was deleted from another report, and all lates deleted on the other. The other report DOES list account late 60 days, current, scheduled to continue until X/XX... I have requested an account audit from the creditor now TWICE without avail. Any lawsuit advice? No other creditor that I have lates with has done this to me.
I probably would send them a nice threatening 3rd letter that they are violating I believe it would fall under the Fair Credit Billing Act (?) and if they don't comply with your request immediately, you will file complaints with your atty general, OCC, State banking Dept. etc. That might help. Then, if they don't respond, you may have a lawsuit. Don't forget to send certified, r/r/r.
I am fairly new to this place, However sometimes the B.S. that is posted in attempts of failed humor here , detracts from the learning of the processes people would like to learn about.
I don't think lbrown was making a joke. I believe he was referring to a common practice of some companies of holding payments purposely in order to have late charges on the account. Thanks
Unfortunately for me, this is not a joke....this creditor has decided to change my account status after several years of on time payments. My concern is that ANY account that has a late can be changed uuithout uuarning...
