09-06-2013 06:45 AM - edited 09-19-2013 07:49 AM
Ocwen took over the servicing of my GMAC Mortgage in February. They just recently updated Experian to show the loan with Ocwen. The GMAC mortgage loan is still showing on EQ and TU under GMAC. Now Ocwen has reported new loans with Ocwen and now my EQ and TU reports show I have two mortgages.
I disputed thru EQ and nothing was done. How do I correct this, by going to Ocwen directly or dispute thru the credit bureaus?
I am surprised it even reports twice as the balance is almost identical, open dates are the same and loan number is the same.
09-10-2013 12:06 PM
09-17-2013 06:18 PM
I called GMAC Mortgage, now Ocwen, and they can only send me a letter confirming the transfer of my account for me to send a dispute to EQ and TU. They said it has been reported to the bureaus, now I have to dispute the report. I believe this is just ridiculous I have to do this myself to get the account reported correctly when I had nothing to do with the transfer to Ocwen. I should have the letter soon to submit with disputes, hopefully, this does not take long.
I already disputed the GMAC and Ocwen accounts on EQ with no luck.
09-18-2013 01:47 PM
Not to belittle your concern but you may be thinking this is hurting your credit more than it is. Are you trying to make a big purchase like a car or mortgage right now?
09-19-2013 07:52 AM
I don't see it impacts my scores, but having my credit EQ and TU reports show I owe twice as much on my house is concerning to me. Not to say it is just inaccurate reporting! Additionally, NFCU denied me a personal loan due to the amount of my current obligations compared to income, which I am working on resolving.
09-19-2013 03:28 PM
Both SHOULD show but GMAC should be marked as "transferred to another lender" and $0 balance. I would contact GMAC to update. Sometimes it can take awhile, but you are well past the standard "60-90 days" timeframe.
09-21-2013 07:10 AM
I contacted GMAC (Ocwen) and obtained a letter from them explaining the transfer of the servicing of my mortgage to Ocwen in February. On the 18th, I submitted disputes on EQ and TU with a copy of this letter hoping they update the credit reports showing the GMAC mortgage as transferred/closed. So, if the disputes don't work I just have to wait it out while it looks like I have two mortgages?
On my EX, Ocwen appears changed the name of my GMAC Mortgage to Ocwen Loan Servicing and the GMAC Mortgage tradeline is gone. I thought they would leave the GMAC Mortgage and show it as transferred/closed. My EX is the only bureau currently showing my loan balance correctly.
09-22-2013 05:34 AM
EQ dispute was no success even with documentation. I guess my next route is BBB complaint on GMAC/Ocwen credit reporting error. TU still pending.
09-26-2013 07:12 PM - edited 09-26-2013 08:49 PM
After no success calling Ocwen/GMAC Mortgage and disputes with the credit bureaus, I filed a complaint with the Consumer Finance Protection Bureau and my credit reports were updated within a few days! Only one mortgage now on my credit report as it should be!
06-04-2014 07:55 AM
My loan was thru Homeward, I was fourclosed on Dec 2012. I pulled my credit and my wifes and on a whim I disputed all three on mine and hers. One month later the foreclouser is off. I do not know if since the law suit they stopped reporting or because my fourclouser dates fall in the Law suit time frame that they just let it go? But it has boosted my scorea bunch. I also know that just because its not on my credit report I cant claim I havent been fourcloused but it sure helps obtaining credit with out paying high intrest rates. I have looked on the internet for this info and its not out there. Hope it helps someone out.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.