Amazon and Bank of America

stuffedhippo · 9 November 2011 at 1:18PM

Does anyone know how quickly a credit card company reports you to a credit agency and if they have any obligation to try and resolve the matter before going to them.

Basically the great Amazon and Bank of America tie up got me good and proper. They kindly kept defaulting to my Amazon card and I did not realize. Subsequently I missed 2 payment and was charge £12 each time for this.

My big problem is the first time they contacted me to say me account was in arrears was after they had informed the credit rating agency. At not point before this did they try and contact me via email of phone.

Any advise would be much appreciated.

Thanks

Rich

salau2 · 9 November 2011 at 3:44PM

I do not know what you mean? Did you miss 2 payments and then were given a notice of default? If you miss any payment they have the right to inform CRA. This is necessary so other lenders know that you miss payments and are a liability. As far as I know CRA are updated every 4 weeks but can be manually updated sooner, i.e. for a default or missed payment.

stuffedhippo · 9 November 2011 at 4:09PM

Thanks salau2 for the reply. I have since done a credit check with Experian and it has been flagged on there but does not seem to have affected my credit rating (said with a sigh of relief).

I made the mistake (not helped buy Amazon defaulting to their own credit card) and bought using it. I am just a little put out as they have made no effort to contact me to let me know I missed the first payment, only after the second.

Sounds like I am just going to have to swallow the fee and chop up the card. Not a good experience when Amazon defaults to this card without asking!!!!

Thanks again

salau2 · 9 November 2011 at 4:59PM

How would you know if it has affected your credit rating? If you are looking at the Experian credit score then that is a waste of time and to be ignored. Credit companies have their own system for assessing you and any missed payments will be viewed negatively. More so if it is two missed payments. You should always check your statements every month even if you use the card or not. It is your responsibility.