R 091300Z JAN 01 ZYW
FM CMC WASHINGTON DC//RF/MP//
TO MARADMIN
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UNCLAS //N04600//
MARADMIN 009/01
MSGID/GENADMIN/CMC WASHINGTON DC/RF/MP//
SUBJ/REPORTING OF ADVERSE CREDIT INFORMATION FOR DELINQUENT
GOVERNMENT TRAVEL CHARGE CARDHOLDERS//
REF/A/MARADMIN 548-00/DTD 13 NOV 00/
NARR/REF A PROVIDED INFORMATION REGARDING GOVERNMENT TRAVEL CHARGE
CARD DELINQUENCIES//
POC/SOKOLY/MAJ/DSN 224-4981/82/HQMC RF
/STOKER/GYSGT/DSN 224-4981/82/HQMC RF//
RMKS//1. THE REFERENCE ADVISED OF INCREASING RATES OF GOVERNMENT
TRAVEL CARD DELINQUENCIES FOR BANK OF AMERICA (BOA) CHARGE CARDS
ISSUED TO MARINES AND CIVILIANS TO PERFORM OFFICIAL TRAVEL. BECAUSE
OF THE INCREASING NUMBER OF DELINQUENT ACCOUNTS, BOA HAS DECIDED TO
EXERCISE THEIR EXISTING CONTRACTUAL RIGHT TO NOTIFY NATIONAL CREDIT
BUREAUS OF THE NAMES OF THOSE ACCOUNT HOLDERS WHO HAVE HAD THEIR
ACCOUNT CANCELLED OR CHARGED-OFF. CHARGED-OFF ACCOUNTS ARE DEFINED AS
ACCOUNTS THAT HAVE BEEN REFERRED TO COLLECTION AGENTS AND WRITTEN OFF
AS BAD DEBT BY BOA DUE TO NON-PAYMENT. TO DATE, BOA HAS NOT BEEN
REPORTING THIS INFORMATION TO THE NATIONAL CREDIT BUREAUS.
2. BOA HAS ADVISED THAT BEGINNING THIS MONTH, ALL ACCOUNTS
THAT HAVE BEEN CHARGED-OFF SINCE DECEMBER 1998 WILL BE REPORTED
TO THE NATIONAL CREDIT BUREAUS BY 31 JAN 01. ACCOUNTS CHARGED-OFF
ARE OVER 210 DAYS PAST DUE. BEGINNING IN APRIL OF 2001, BOA WILL
BEGIN REPORTING TO THE NATIONAL CREDIT BUREAUS ALL ACCOUNTS CANCELLED
DUE TO DELINQUENCY. CANCELLED ACCOUNTS ARE OVER 126 DAYS PAST DUE.
3. COMMANDERS ARE REQUESTED TO ENSURE ALL CARDHOLDERS UNDERSTAND
THAT THEIR PERSONAL CREDIT RECORD MAY BE ADVERSELY IMPACTED IF THEY
ALLOW THEIR BOA TRAVEL CHARGE CARD TO BE CANCELLED OR CHARGED-OFF.
CARDHOLDERS MUST ALSO UNDERSTAND THAT IF THEIR ACCOUNT IS REPORTED AS
DELINQUENT TO THE CREDIT BUREAUS, IT CAN TAKE YEARS TO RESTORE A
GOOD CREDIT STANDING EVEN AFTER THEIR ACCOUNT HAS BEEN PAID
IN FULL.//
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