cancel
Showing results for 
Search instead for 
Did you mean: 

Mortgage reporting amount higher than my original loan

tag
Anonymous
Not applicable

Mortgage reporting amount higher than my original loan

We bought a house in late August.  All three bureaus had the correct amount of our loan listed originally.  After two months of paying our mortgage company shows us owing less than the borrowed amount.  All of a sudden, all three bureaus are showing our correct original amount owed but under current balance, they are all reporting 2000 more than we owed to begin with.  How on earth does this happen? I supplied them with the correct amount in a dispute, so far I've only heard back from Transunion, they left the elevated balance on my report.  How can I pay for two months and them report my balance higher than when I started out? 

Message 1 of 7
6 REPLIES 6
ezdriver
Senior Contributor

Re: Mortgage reporting amount higher than my original loan

Contact your lender and ask that it correct the reported amount.

Message 2 of 7
Anonymous
Not applicable

Re: Mortgage reporting amount higher than my original loan


@ezdriver wrote:

Contact your lender and ask that it correct the reported amount.


I called them right away, so far all I've received from them was a letter saying they got my request.  On the phone they claimed they wouldn't report a higher amount because it's illegal.  But it's on all three reports, it came from somewhere.  

 

I also got notification from my fico that my interest rate has been lowered, it hasn't.  I have a locked rate and the mortgage company doesn't report interest rates to the bureaus at all.  I'm really confused.

Message 3 of 7
ezdriver
Senior Contributor

Re: Mortgage reporting amount higher than my original loan


@Anonymous_0723 wrote:

@ezdriver wrote:

Contact your lender and ask that it correct the reported amount.


I called them right away, so far all I've received from them was a letter saying they got my request.  On the phone they claimed they wouldn't report a higher amount because it's illegal.  But it's on all three reports, it came from somewhere.  

 

I also got notification from my fico that my interest rate has been lowered, it hasn't.  I have a locked rate and the mortgage company doesn't report interest rates to the bureaus at all.  I'm really confused.


Okay ... then request a debt validation from the credit bureau(s). That will force a contact with the creditor. Inaccurate reporting will have to be removed or corrected else the reporting agencies and/or creditors will be violating laws. By the way, have you sent a copy of yourmortgage statement to the credit agencies when you requested correction of the tradeline data?

Message 4 of 7
Anonymous
Not applicable

Re: Mortgage reporting amount higher than my original loan


@ezdriver wrote:

@Anonymous_0723 wrote:

@ezdriver wrote:

Contact your lender and ask that it correct the reported amount.


I called them right away, so far all I've received from them was a letter saying they got my request.  On the phone they claimed they wouldn't report a higher amount because it's illegal.  But it's on all three reports, it came from somewhere.  

 

I also got notification from my fico that my interest rate has been lowered, it hasn't.  I have a locked rate and the mortgage company doesn't report interest rates to the bureaus at all.  I'm really confused.


Okay ... then request a debt validation from the credit bureau(s). That will force a contact with the creditor. Inaccurate reporting will have to be removed or corrected else the reporting agencies and/or creditors will be violating laws. By the way, have you sent a copy of yourmortgage statement to the credit agencies when you requested correction of the tradeline data?


I did request validation and sent a copy of my current statement and correct balance, that's why I'm so confused.  I thought the new reporting laws prohibited them from not contacting the company.  My dispute even stated the company needed to be contacted and it needed corrected.  Yet, it remains.  Common sense says, the loan amount after two payments isn't higher than when the loan was secured.  Maybe I need to contact the CFPB to get it fixed? 

Message 5 of 7
StartingOver10
Moderator Emerita

Re: Mortgage reporting amount higher than my original loan


@Anonymous_0723 wrote:

@ezdriver wrote:

Contact your lender and ask that it correct the reported amount.


I called them right away, so far all I've received from them was a letter saying they got my request.  On the phone they claimed they wouldn't report a higher amount because it's illegal.  But it's on all three reports, it came from somewhere.  

 

I also got notification from my fico that my interest rate has been lowered, it hasn't.  I have a locked rate and the mortgage company doesn't report interest rates to the bureaus at all.  I'm really confused.


I would go back to your lender and show them that the amount being reported doesn't match the statement balances. You have proof. Show them. They will have to correct it. I understand wanting to go through the CRA but in this case I think you have better leverage to go direct since you have the proof already in your hands (your mortgage statement)

Message 6 of 7
Anonymous
Not applicable

Re: Mortgage reporting amount higher than my original loan


@StartingOver10 wrote:

@Anonymous_0723 wrote:

@ezdriver wrote:

Contact your lender and ask that it correct the reported amount.


I called them right away, so far all I've received from them was a letter saying they got my request.  On the phone they claimed they wouldn't report a higher amount because it's illegal.  But it's on all three reports, it came from somewhere.  

 

I also got notification from my fico that my interest rate has been lowered, it hasn't.  I have a locked rate and the mortgage company doesn't report interest rates to the bureaus at all.  I'm really confused.


I would go back to your lender and show them that the amount being reported doesn't match the statement balances. You have proof. Show them. They will have to correct it. I understand wanting to go through the CRA but in this case I think you have better leverage to go direct since you have the proof already in your hands (your mortgage statement)


Thank you for your help.  I will contact them again.  I appreciate the input, I'm too emotionally attached to the problem and it helps having input from someone who can see it without the emotion of the situation,  thanks again 

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.