BOA Wrongly Charged Off Account, advice?

Question

Hi all – Just wanted to get some advice on what you think the best course of action should be on a previously charged off BOA account (FYI, I paid in full last month so the account is completely closed now) As some backstory: 2014 Statement requires a $500+ payment due by 2/1/14 to bring account up to date1/31/14: One day before due date, I make the requested payment by phone1/31/14: Despite making the payment before due date, BOA charges off the account on the same dateBased on a closer review of the statements, it shows:My original Pay By Phone Payment posted on 1/31On that same day, BOA appears to have reversed that Pay By Phone so they could transfer the funds to the newly charged off account (which has a different acct number)The transferred payment posts to the charged off account on 2/1 (which they keep hinting that the 2/1 date makes the payment too late to avoid charge off)On my credit report, BOA ignored my January payment and counted January as 150 day late and February-onwards as CO. I called BOA today and after reviewing my case, the representative sent in a charge off reversal request but could not guarantee it would be approved. She also insisted my credit report would be “updated” appropriately. I pushed on this and stated I think the entire TL needs to be deleted as the history thereafter could never actually be accurate. Even if they removed the charge off, how could they genuinely say any reporting thereafter is a proper reflection of the account? She pushed back and just said we need to work on the Charge Off first and I should hear back by next week. My question to everyone here is, should I just let the internal BOA process sort this out and hope they delete the TL? Should I call back and escalate to a supervisor? Should I just bypass them altogether and submit a case to the CFPB/BBB/CRAs? Since this has been entirely over the phone, I’m also a little worried there’s not enough of a paper trail (which is why I was wondering if I should dispute via another source). Regardless, I do have copies of the statements as well as the 1/31 electronic check they cashed, and a June copy of my CRs showing how they ignored the Jan payment and marked Feb-on as CO. Any advice you guys can provide would be great, thanks!

Answer 1

A creditor does not report the date they do the actual accounting that constitutes a charge to profit and loss in their books.That is an internal business process for which actual dates need not be reported.When they report a charge-off, they report only that they have previously taken that measure.All that is required under the FCRA is that once they have reported a charge-off, they must also report the DOFD on their account within 90 days. It is unclear as to how, based on the posted scenario, that the consumer could determine that they wrongfully did a charge-off based only on the date paid vs the billing due date on their last bill.