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Faulty Logic???? (re: "lates" )


Roadie
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Hi, folks...

I wanted to pick your brains, personally, I am, by no means, proficiently familiar with the FCRA regulations except by what I get from reading postings of your experiences with OC's.

I have a curious question. Lets say an OC is reporting to the CRA's a 30-day "late" which occured 3 years ago. Further, the card is now paid in full with a zero balance and in good standing.

Technically, the OC got his $30 bucks which was paid "late" but since the card is now "paid in full", doesnt this technically mean it erases the $30 bucks that was "still due the OC " until paid to the last penny?

I can understand the "lates" being reported as long as there is a balance to carry... but once the balance is "zero'd out, doesnt that "restart" a fresh slate?

Anyone here think I'm crazy? Or think there's an angle thats possible to exploit before a judge? or even a dispute argument?

Thanks in advance.

Roadie....

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Showing 'lates' just shows past history. Paying the 'penalty' doesn't erase it, it's like speeding and paying a fine. It's still on your record.

If it's been that long ago, you might try a good will letter to get the late off your record.

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Most definitely do as "wert" says.

Since it is that old, send them a letter that clearly states your remorse for being late the one time and will never let it happen again. Be sure to include your pay record after the late to show them how serious and remorseful you are. Lastly, add wording that you are planning to purchase a home in the near future and this "negative" may hurt your score and cause you to have to pay a higher interest rate. In short, since you have proved yourself to them, would they please remove the negative remark from their TL.

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wert and retmar:

Appreciate your response, thank you.

Did that already, the response I received was basically "what for? its paid for, no further action required of me".

So, they need a thorn to get it a'moving out and here I sit, "thorn-less" if you catch my drift (grin). No incentive ehhhh... sure does suck.

Was hoping, that while historical accuracy is their focus, technical accuracy (in reporting) was my focus [and FCRA's too], hence the question whether it woudl work after its paid down to zero.

I get the feeling that lenders dont give a hoot if you meet your financial morals, all thats important is the FICO number which is misleading... they know... we know...CRA's know... but the opportunity to squeeze another dollar out of the poor sucker is just too "rewarding" to pass up...

At least I tried to be creative enough to see if I can run with a different dispute angle....again,, these kind of feedbacks are very much helpful in reminding me of what Im facing :-)

Roadie...

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If they don't seem to care. Dispute as never late. Be cautious since sometimes the entire tradeline gets removed sometimes. This has happened to me personally. There is also the 100 word response which you can use to explain the late. I've never used those though. good luck

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I wouldn't dispute it with the CRA for fear of deletion since its a positive account.

I would go the goodwill letter approach straight to the OC. In theory, if it's one late that is three years old, even getting the late off may only help by a couple of points. Unless you are really borderline on something, one late on a good account doesn't mean much to most unless they are strictly score oriented.

"Goodwill letter" it and see if that takes care of the late. :wink:

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