THD CBNA / False & Inaccurate Reporting
I opened a Home Depot Credit Card account in about April 2008. I used the credit card to purchase a new washer and dryer. I made monthly payments to CBNA which were automatically deducted from my bank's checking account through digital checks. I made more than the minimum payments due and paid the balance in full as of early this month (April 2013).
Sometime in 2010, CBNA called me and stated that since I hadn't used my credit card with Home Depot in approximately two (2) years, it might be best to enter a program where they close the account in order to secure an interest rate where we agreed that they would continue to withdraw monthly payments in the amount of $175 (about double the minimum amount due) until the balance was paid in full. On April 8, 2013, CBNA withdrew the final $121 owed making the account balance $0 with a paid in full status.
On or about April 13, 2013 (5 days after my final payment), CBNA reported my account as a "charge off" to the credit bureaus. How do I have a charge-off when I paid on time every month and the account has been paid in full? The account was never late, it was never a charge off and I never failed to pay. Their false, negative reporting lowered my credit score on average by at least 50+ points per credit bureau.
On Saturday, April 27, 2013, I called CBNA to discuss the problem with their "customer service." Their reply was one refusing to accept any responsibility for their false reporting to the bureaus and I was told "there is nothing we can do"..."you will have to take it up with the credit bureaus, "..."it must be their (the credit bureaus) mistake." Unfortunately, I cannot believe all three (3) credit bureaus made the same exact mistake in reporting my account as a negative account in "collections" at exactly the same time without first being directed to do so by CBNA.
Whether CBNA likes it or not, they absolutely hold civil liability and responsibility for misreporting negative facts on personal credit information.
I have written a demand letter to CBNA giving them three (3) business days to correct the issue with the credit bureaus. If they fail to correct the issues to reflect a "paid satisfactorily" positive standing, I am going to pursue the appropriate civil damages against CBNA.