I'm a former customer of Netbank, having closed my checking account & overdraft loc in January of this year. As of June, Netbank is still reporting my overdraft line of credit as being open to the 3 credit agencies, even though I closed the account in January. I've tried contesting the account status with the credit agencies, but they are indicating that this account is being reported actively by Netbank as an active account.I've called Netbank on multiple occasions, each time the phone rep I spoke to confirmed that the account was in fact closed. I wrote Netbank in April, asking that they report the account as closed to the credit agencies and confirm to me in writing that they've done so. 2 months later, I've not received any sort of response from Netbank, and my account is still listed as open on my credit reports. I've filed a complaint with BBB, but I'm wondering what other methods can I use to force them to report this account correctly. Would it be appropriate to contact the States Attorneys Office regarding this issue? Any tips or ideas would be appreciated. Thanks!
vdubgeek,These matters are regulated by the FTC. Document your requests in writing and file a complaint with the FTC. See the Fair Credit Reporting Act (FCRA) ( http://www.ftc.gov/os/statutes/fcra.htm )If that doesn't resolve it, you can sue both Netbank and the CRAs under the FCRA in your local small claims court. One or the other is at fault; you can let the court decide who. I believe there is a minimum statutory damage award associated with any willful misconduct under the FCRA -- it's something like $500 per incident -- but the courts are not limited to the statutory damage award and can award actual and punative damages, if your state allows your small claims court to do so. If you operate a business, actual damages can easily exceed $500 because negative items can seriously impact the rates you borrow money at.- Joel
Joel -Thank you for the advice. I've crafted a 2nd letter to Netbank, asking for assistance in resolving the issue. If I don't hear back in a month, I'll look into taking this up with legal assistance. Thanks -vdubgeek
I'm a former customer of Netbank, having closed my checking account & overdraft loc in January of this year. As of June, Netbank is still reporting my overdraft line of credit as being open to the 3 credit agencies, even though I closed the account in January. ------------------------------------------------------------...just found that NetBank has been reporting my closed LOC as being open to credit bureaus for almost a year...
There has been a new development in my quest to get my Netbank account marked as clsoed on my credit report. I finally received a letter from Netbank in response to a complaint I posted on Planet Feedback. Strange thing is, I never did receive any response to the 2 letters I wrote. I guess Planet Feedback may actually be of some use ;)Netbank is indicating that they did contact the credit agencies in April, notifying them that my account is closed. They also have record of being contacted by Experian due to my account dispute. Again, they notifed Experian that the account is closed. So, it looks like the ball is back in Experians court. I'm writing another note to them, asking them one last time to mark my Netbank account as closed. If this doesn't do the trick, I guess I may look into Small Claims court .
I got the following reply from Netbank regarding my LOC. "I have verified that when a Line of Credit is closed, it is reported to the credit bureaus. However, the process to report this information and then for them to update your report can take a minimum of 30 days. Our records indicate that the Line of Credit was not closed until July 1, 2003. We have reported the information to the appropriate credit bureaus to update your status and you should notice a change within the next few weeks. We apologize for any inconvenience you have been caused in this matter. If we can be of further assistance to you, please let us know."Interestingly, Netbank web site shows that my LOC was closed on 05/15/2001. Yet, the Netbank rep. says that it was closed only on 07/01/2003. Should I believe Netbank web site or Netbank rep.?
markber,You wrote, Interestingly, Netbank web site shows that my LOC was closed on 05/15/2001. Yet, the Netbank rep. says that it was closed only on 07/01/2003. Should I believe Netbank web site or Netbank rep.?Ah ha! The website states the date you orginally closed the account?!Print that puppy out and fax it to the CRAs as well as Netbank and demand they change the date on your credit report! A printout of a web page would almost certainly be affirmative proof of your claim that you closed the account in 2001 if it went to court -- especially if you filed in small claims court.Personally, I would threaten them with litigation if they don't correct it after you confront them with this proof. If you really want this changed on your report, be sure to hang onto a copy of that page.- Joel
Thanks for advice! I just printed the page. I think this is another evidence that Netbank customer service database and web site database do not communicate with each other well. Hopefully, this will change after Netbank switches personal accounts to Corillian Voyager online banking platform.
You wrote.."Hopefully, this will change after Netbank switches personal accounts to Corillian Voyager online banking platform."What do you mean by this?
What do you mean by this? ***************************************...that Corillian Voyager online banking platform will allow Netbank to properly update of online banking interface when information (such as, account closure, address change, etc) in Netbank main database is changed. I have had several cases when current Netbank web interface did not reflect either account activation or account closure or did not change my personal information correctly. I hope that Corillian Voyager platform will work much better than the ancient online banking software, which Netbank personal account holders use at the moment. You can read more about Netbank and Corillian Voyager here: http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=NTBK&script=416&layout=-6&item_id=370476
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