quote:

Originally posted by V-Tail:
No, the credit score did NOT go down because the account was closed.

It went down because Chase / JP Morgan actually reported a late payment! THERE WAS NO PAYMENT DUE, because the mortgage had been paid off.

I did not owe a payment, there was nothing due, but the bastages reported a late payment.

Write them an exceedingly nasty gram about that. You should at least be able to prompt them to correct the error.

Also, write each credit bureau disputing the incorrect information, and be detailed. They will have to then follow up with the reporter (Chase) to resolve the error.

quote:

Originally posted by jhe888:

quote:

Originally posted by V-Tail:
No, the credit score did NOT go down because the account was closed.

It went down because Chase / JP Morgan actually reported a late payment! THERE WAS NO PAYMENT DUE, because the mortgage had been paid off.

I did not owe a payment, there was nothing due, but the bastages reported a late payment.

Write them an exceedingly nasty gram about that. You should at least be able to prompt them to correct the error.

Also, write each credit bureau disputing the incorrect information, and be detailed. They will have to then follow up with the reporter (Chase) to resolve the error.

NastyGram sent to Chase (the offending bank that held the mortgage). Note that I never would have initiated any business dealings with Chase in the first place, this was sort of a "back door" thing. I had initiated the mortgage with another bank that subsequently went out of business, Chase gobbled them up, so I was stuck dealing with Chase until I paid off the mortgage.

In any event, Chase never gave me the courtesy of a reply to my NastyGram, but I now see that the erroneous "delinquent account" item no longer appears on the credit report, so I guess there is no need to inform the credit bureaus of Chase's error.

You would not believe how happy I am to be rid of them.

My wife and I keep a joint account, separate from our personal accounts, for household expenses. Our monthly budget gets deposited into this account. We will continue to deposit the amount of the home mortgage payment into this account and as funds build up we will use it for home improvements including things like budgeting for replacement of the HVAC system and water heater which are both functioning just fine, but in terms of typical life expectancy are living on borrowed time. New roof was just completed, courtesy of the September hurricane.

Dispute the erroneous report with the credit reporting agencies immediately.

Even though it’s not showing up now you should still follow up and plant a foot in a few asses just to be sure.

quote:

Originally posted by Leemur:
Even though it’s not showing up now you should still follow up and plant a foot in a few asses just to be sure.

As I said, couple posts above this, I did send an extreme NastyGram to Chase. Chase did NOT give me the courtesy of a reply to my discourteous NastyGram, but the "delinquent account" item on my credit report disappeared very quickly.

Since the item is no longer on my credit report there is nothing to dispute with the reporting agencies.

You can be sure that if it resurfaces I will respond with a major shit-storm.

quote:

Originally posted by V-Tail:
No, the credit score did NOT go down because the account was closed.

It went down because Chase / JP Morgan actually reported a late payment! THERE WAS NO PAYMENT DUE, because the mortgage had been paid off.

I did not owe a payment, there was nothing due, but the bastages reported a late payment.

I had almost the exact same thing happen to me in December. I traded a vehicle into a dealership and the dealership took a little longer than they should have to pay it off with the lender.

Thus, my lender dinged me with a late payment on a vehicle I didn’t even own anymore.

My credit score dropped 60 points (down from 805).

I disputed this with Chrysler Capital. They realized their mistake and informed all three bureaus to reverse the late payment.

It was finally reversed last month and my credit score jumped back up 40 points .

What a joke. But at least it’s off my credit now.

Original thread about it here.