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Bank of America lying about credit report?

Submitted by on Tue, 09/22/2009 - 10:08
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So, back in 2007 I got a check from a modeling agency, and when I cashed the check BofA cleared the check. I used the money to pay some bills and a week later my account was 300 in the negative because the modeling agency's check bounced!!! Bank of America even added on some NSF fees for items that were purchased BEFORE I even got that check! I asked them to at least take off the NSF fees and I would try to pay the rest, but they refused. So because they charge NSF fees just for being in the negative, once my account closed, I was $471 in the negative.

Now they are telling me if I don't pay it will go on my credit report. At this point, it's already been two years, and I figure there's no point in paying when I only have 3 years to go on chexsystems, I've checked my credit report and it doesn't say anything about my BofA account. Can banks really put this on your credit report?


Although there is nothing that precludes them from reporting to the bureaus, as a matter of practice most banks don't generally report their thrift or deposit accounts to the bureaus. (Or at least I've never seen it, and I've been looking at peoples credit reports for 6 years).

However, if they send it to a collection agency, the CA might report that as a collection account. I've seen that many times.


Submitted by DebtCruncher on Tue, 09/22/2009 - 14:16

DebtCruncher

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I have been in banking for over 10 years and it has been my experience that most banks do not report a charged off checking account to credit bureaus, it would be too costly and time consuming to handle every charged off account that way. You are reported to chexsystems which will usually stay on record for 5 years, however many banks right now offer second chance checking which will allow you to open an account regardless if you have a chexsystems record or not. My advice? Don't call the 1-800 number for customer service, walk into a branch and speak to a personal banker directly to explain the situation and the branch manager there may be willing to forgive some maybe all of the NSF fees so the account can be cleared up.


Submitted by on Tue, 09/22/2009 - 17:26

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ErinS advice is right on the money! I had a huge problem with BOA and it took a year to clear up! It took a VP/Branch Manager to do the job! I am so indebted to this man to this very day! I still despise BOAs rearranging of checks to max the NSF fees and think a penalty for not having direct deposit is a violation of Federal Law. But the people within the brick and mortar stores are, in some cases at least, far removed from their on line counterparts! Not sure why!


Submitted by Frogpatch on Tue, 09/22/2009 - 17:37

Frogpatch

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