I have a question about home mortgages and how they should be reported to the 3 credit bureaus.

[Life_educated]

Folks I must say I am very impressed with the wealth of information this site contains! I have a question about home mortgages and how they should be reported to the 3 credit bureaus. A little history,  My wife and I purchase a $175k new home in Dec of 2006 with 30 year fixed rate of 9%. We had a credit sore of around 580 at the time. We have sucked it up and made the payments for the past 8 years ( no late’s on all 3 reports for the mortgage but issue with other things).  The home purchase was probably not the smartest financial move at the time, However it has turned out to be a good investment as the home and property is now valued at $325K. About 3 years ago, we realized how import it was to pay your bills on time and how your credit score affects your life and we have worked really had at getting our credit score right by paying all of our bills on time. 1 year ago, our mortgage was sold between banks. We had no say in the matter or took any action other than changed the address to were our payments were being sent to.  Realizing we have a high interest rate and stand to save a ton of money, we are currently looking into refi our home mortgage. Even with our efforts to help our credit score our score continues to be below average. However my questin revolves around how your home mortgage should be reported to the credit bureaus.  My understanding is that 15% of your credit score in made up of your established credit history. In my case with my mortgage being sold between banks it looks like we refi’ed our mortgage already 7 months ago on my credit report. This cannot be a fair way of reporting it to the credit bureaus. If it was the banks would just keep trading mortgage papers between themselves, keeping the consumers credit history diluted lowering credit scores. How should this properly be reported to the credit bureaus?

[Life_educated]

From my credit report->    The credit records used to calculate this factor are listed here.

On average, your accounts have a payment history that starts 2 years and I month ago.
. . . Length of Payment Date Last
Account Number Lending Institution. Comment History Reported

5********Z* PRIORITY BANK 7 years and 5 months 04/2013 (Original home mortgage lien holder)
1********* SPRINGLEAF FINANCIAL 6 years and 11 months 12/2011
5********* CAP ONE 1 year and 11 months 04/2014
4********* GM FINANCIAL 1 year and 10 months 04/2014
4********** CREDIT ONE BANK NA 1 year 04/2014
6********** DISCOVER FIN SVCS LLC 10 months 04/2014
3**********rnCHRYSLER CAPITAL 8 months 03/2014
5********** UNICO BANK 7 months 04/2014 (new Home mortgage lien holder)
1**********X PRIORITY BANK 3 months 12/2005 (this was the construction Loan)
3*********** AMEX 1 month 04/2014

[gdale6]

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@Life_educated wrote:

Folks I must say I am very impressed with the wealth of information this site contains! I have a question about home mortgages and how they should be reported to the 3 credit bureaus. A little history,  My wife and I purchase a $175k new home in Dec of 2006 with 30 year fixed rate of 9%. We had a credit sore of around 580 at the time. We have sucked it up and made the payments for the past 8 years ( no late’s on all 3 reports for the mortgage but issue with other things).  The home purchase was probably not the smartest financial move at the time, However it has turned out to be a good investment as the home and property is now valued at $325K. About 3 years ago, we realized how import it was to pay your bills on time and how your credit score affects your life and we have worked really had at getting our credit score right by paying all of our bills on time. 1 year ago, our mortgage was sold between banks. We had no say in the matter or took any action other than changed the address to were our payments were being sent to.  Realizing we have a high interest rate and stand to save a ton of money, we are currently looking into refi our home mortgage. Even with our efforts to help our credit score our score continues to be below average. However my questin revolves around how your home mortgage should be reported to the credit bureaus.  My understanding is that 15% of your credit score in made up of your established credit history. In my case with my mortgage being sold between banks it looks like we refi’ed our mortgage already 7 months ago on my credit report. This cannot be a fair way of reporting it to the credit bureaus. If it was the banks would just keep trading mortgage papers between themselves, keeping the consumers credit history diluted lowering credit scores. How should this properly be reported to the credit bureaus?

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Typically there is just a change in the name of the furnisher of information, the open date of the mortgage cannot be changed it is what it is, if this is not how its reporting I would send a Section 623 dispute to the current servicer of your mortgage demanding it report history from the open date of the mortgage. 35% of your Fico is made up of payment history, 30% from revolving CC debt, 15% lengthof history, 10% types of credit used, 10% new credit