Score dropped 54 points 3 weeks before closing

[Anonymous]

We are scheduled to close on our new homehome with quicken loans in September 25th and my score dropped 54 points because a 30 day late payment is now reporting from Regions Bank. We have never been 30 days late on the account. I called regions and they told me that they do not show in their system that they are reporting any 30 day late payments and they told me to dispute it. I don't think I am supposed to have anything in a dispute status on my credit report though so I don't know what to do...should I try to get a letter from regions that says I am paying ad agreed and never been 30 days late? Should I just be honest with my lender and let them tell me the best course of action? Should I just leave it alone for now since my loan is already through the underwriting process? I don't know if my lender will do a second pull right before closing or not and I am freaking out!

[Anonymous]

Contact your LO immediately and ask for best course of action.  Waiting and just hoping everything will be OK is not the route you would want to take.

[Anonymous]

Contact LO and if anything a conference call can be set-up with Regions to verify the account history.  

[ezdriver]

Get a letter from Regions and give it to your loan officer. The letter may be sufficient for the underwriter to ignore the disputer or the lender can have it updated to reflect what is on the letter.

[TheConductor]

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@kokenwa wrote:

Contact your LO immediately and ask for best course of action.  Waiting and just hoping everything will be OK is not the route you would want to take.

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This, multipled by 1,000.

Above all, don't let fear and worry prevent you from communicating with your lenders. They've seen every situation before and they will know best how to handle yours.

When you treat borrowing as a collaborative effort instead of an adversarial one, a lot of the obstacles you imagine simply disappear.

[TruBlu]

Just curious to see how this turned out. OP could you please update us. This could help other folks who find themselves in a similar situation. Thanks!

[Anonymous]

I let my underwriter know what was going on. He was glad that I reached out to him regarding the issue and advised me not to dispute it because that could cause delays. He told me to just provide whatever documentation I could showing that the account was current and I had not been late. After spending lots of time on the phone with Regions, my bank, and Western Union (they process payments for Regions) Regions bank agreed to remove the late payments without my filing a dispute and they are sending me a letter that says the account is current and I have never been 30 days late. The late payments have already been removed from 2 of the credit bureaus, just waiting on the third. They told me it could take up to 30 days but Equifax was updated the next day and Experian was updated 2 days later. I won't know the final outcome until they pull my credit again right before closing but I think everything is going to be okay!

[Anonymous]

Whew ... glad you reached out. It just supports the concept of "Murphy's Law". Hope all goes well

[DallasLoanGuy]

show tthem the credit report to prove their mistake..... make them give you a payment letter showing lways current. 

tell the LO right away