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My Holoc accoount with bank american reset in december of 2011 I made the payment of $783.

My Holoc accoount with bank american reset in december of 2011 I made the payment of $783.93 , then I made payment for January of 2012 of $783.93. Bank of American stated that I was $8.49 short of I stated will include in my next payment for February 2012. I made the payment of $798.21 to bring my account current. I check my credit history BOA reported me 30 days past due for February for $8.49. I contacted bank of american to remove the pst due off my ccredit reports they stated they can not due that they are required by law to report it to the credi bureau. Is that true.
Cary
Cary asked this question 1 year ago

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  • Bankbuster

    Nix on investments but everything else is fair game!

    According to the circumstances and time table you've provided, it is true. The federal government established methods for reporting and for considering credit in a series of regulations from the Fair Credit Reporting Act to Regulation Z. If a partial payment is made and not completed before the next cycle date on a loan, then the loan is considered and reported as one cycle -- or 30 days -- late.
    It appears with the 2011 "reset" the payment amount was increased. There are regulatory procedures for lending institutions, requiring that changes in payments, repayment rates, etc. must be sent to customers 30 days before the changes take effect.
    I am unfamiliar with the standard terms of a HOLOC but you might wish to review your original loan terms to see if this condition applies and then you might have leverage if the bank cannot show you were advised of the payment amount change prior to the first due date.
    Best of luck, Cary.

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