Confused - RealTime Resolutions

[Shogun]

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@QUEENOFCANDLES wrote:

They are reporting as a mortgage company because on the CRs it has the charts of the monthly payments status with the red dots, green dots, etc. (On myfico for example). They are reporting under the mortgage company section, not the collection agency section.

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Well then, unless I'm missing something.  This is a "NO NO".

[QUEENOFCANDLES]

Im just wondering on how I should proceed with this as in disputing this with the bureaus. Should I do a DV? or Dispute the way its reporting.

[guiness56]

Does it say collections anywhere on the account?  If it does it is scored as a collection by FICO.

Your report is from myFICO which is a 3rd party report and are formatted differently. Sometimes the OC account information is mingled with the CA information.  I would pull directly from the CRAs and see how it is reported there.

When an account is misplaced on your report, such as a collections in the accounts section, that is an issue with the CRAs and not the collector.

[Shogun]

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Direct-dispute/td-p/2309095

I would do a direct dispute.    Read up on the link above.

[QUEENOFCANDLES]

This is pulled directly off of my equifax:

REALTIME RESOLUTIONS INC PO Box 35888 Dallas, TX-752350888 (877) 469-7325

Account Number: 2245XXXX

Status: COLLECTION ACCOUNT

Account Owner: Individual Account.

High Credit: $26,970

Type of Account : Mortgage

Credit Limit:

Term Duration: 30 Years Terms Frequency: Monthly (due every month)

Date Opened: 10/27/2006 Balance: $25,060

Date Reported: 11/22/2013

Amount Past Due: $7,674

Date of Last Payment: Actual Payment Amount: Scheduled Payment Amount: $236 Date of Last Activity: N/A Date Major Delinquency First Reported: Months Reviewed: 10 Creditor Classification: Activity Designator: N/A Charge Off Amount: Deferred Payment Start Date: Balloon Payment Amount: Balloon Payment Date: Date Closed: Type of Loan: Conventional RE Mortgage

Date of First Delinquency: 05/2011 

81-Month Payment History Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 180 180 180 180 180 180 180 180 120 * 2012 * * * * * * * * * * 180 180 2011 * * * * * * * * * * * * 2010 * * * * * * * * * * * * 2009 * * * * * * * * * * * * 2008 * * * * * * * * * * * * 2007 * * * * * * * * * * *

[QUEENOFCANDLES]

And its listed under the mortgage section, not the collection section

[guiness56]

They are a CA and are reporting incorrectly.

I did some research and found a BBB complaint about the same issue, them reporting as a mortgage.  This is what they had to say:

As the Account is a valid mortgage deficiency balance, it is RTR's belief that we have the right to report the Account to the credit bureaus with outstanding payments due. Further, RTR is only reporting an outstanding mortgage account to credit bureaus. Our tradeline for the Account does not reference ownership of any home, nor does it reference any property.

In conclusion, it is RTR's belief that its servicing efforts and credit reporting are in compliance with state and federal law.

A CA cannot report as an OC which is what they are doing.  Everything you posted about that account is how a mortgage lender would report and a CA can't do that.

I would file a complaint with the CFPB. 

[Shogun]

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@guiness56 wrote:

They are a CA and are reporting incorrectly.

I did some research and found a BBB complaint about the same issue, them reporting as a mortgage.  This is what they had to say:

As the Account is a valid mortgage deficiency balance, it is RTR's belief that we have the right to report the Account to the credit bureaus with outstanding payments due. Further, RTR is only reporting an outstanding mortgage account to credit bureaus. Our tradeline for the Account does not reference ownership of any home, nor does it reference any property.

In conclusion, it is RTR's belief that its servicing efforts and credit reporting are in compliance with state and federal law.

A CA cannot report as an OC which is what they are doing.  Everything you posted about that account is how a mortgage lender would report and a CA can't do that.

I would file a complaint with the CFPB. 

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Once again, from THEIR website:

Real Time Resolutions, Inc. is considered a debt collector.
This is an attempt to collect a debt and any information will be used for that purpose.
Please see the Legal Notice below for more important information
concerning your rights under applicable federal and state law.

So, my translation of what guiness has posted on their stance on this issue:

We're wrong, we know we're wrong.  We're going to do it anyway until someone makes us stop.  Thank you.

[QUEENOFCANDLES]

Thank you for the info. I have filed a complaint with the CFPB.

[QUEENOFCANDLES]

This is the response: We’ve sent your complaint to the company for a response. We will let you know when the company responds. The response should include the steps they took, or will take, in response to your complaint. You should receive a status update within the next 15 days. You can track the status of your complaint at: https://help.consumerfinance.gov/app/account/complaints/list.   Thank you,Consumer Financial Protection Bureauconsumerfinance.gov(855) 411-CFPB (2372)