I'll try to sum this up. In 2005 while expecting our first baby I got laid off from my job and long story short had a hard time with the Mtg. Citimtg and us went into a forebearance agreement ( I'm digging for the paperwork) in that time they said it would not be reported and would give us a chance to catch up. Well 5 years later of paying on time every time ( now with another mtg company) we are wanting ot buy a new house but they are reporting 1-30 day 1-60, 1-90, 1-120 during that time. How would I go about removing this baddy and could I expect a gain in my fico once they are removed? Thanks
You need to dispute.
But my STRONG advice, particularyly in your situatiion, is NOT to file your dispute with the CRAs. Dispute it directly with the OC.
If you dispute through the CRAs under FCRA 611(a), they weill emasculate your dispute. They will reduce it, under their automated e-Oscar reporting system, to a three-digit dispute code, and wont forward all of your supporting information to the creditor. YOu will get a sham denial of your dispute.
As of 7/1/2010, you now have a process that permits you to bypass the arcane dispute process through the CRAs. Under FCRA 623(a)(8), you can now file your disptue directly with the credtior, and totally bypass the sanitation done by the CRAs.
The key to your dispute is your supporting docvumenation of promise to forgo credit reporting providing you comply with your agreement with them. It is essential to your dispute that this information be included in the information provided to them.
If you need assistance in drafting a direct dispute, let me know, and I will give you a sample letter.
Body of suggested letter:. It is important, if you file a direct dispute with the creditor, that you clearly include each of the items listed in this sample letter in your notice of dispute. This is a new process for them, and they are probably looking for any reason to dismiss it as incomplete.
This letter incorporates all of the requriements for the new rules, and I suggest you rigidly include each.
This is a notice of direct dispute with you, under the provisions of FCRA 623(a)(8)(D), of the accuracy of information you have posted to my credit file.
In compliance with FCRA 623(a)(8)(D), this notice includes:
Identification of the specific information being disputed:
(specify the account(s) numbers, and the specific information)
Basis for the dispute:
(how the reporting was inaccurate)
(all documents that support your dispute; make sure to include,
as part of your documentation, a copy of the portion of your
recent credit report showing their reporting)
Under the provisions of FCRA 623(a)(8)(E), you have the duty to review all of the information in my notice of dispute, and to complete your investigation, and report back to me within 30-days of my notice of dispute..