I have a co-worker I am trying to help. She was recently denied for a credit application and doesn't understand why. She *thought* her credit was perfect.
After pulling her free credit report she sees her mortgage has been running 90 days late for the past 5 years!!! She says she has no idea when it got behind. From her bank statements we can see she makes her payment on the same day of each month for about $20 more than what is due. After reviewing the mortgage statements we can see it has been late. (figuring those out is another whole story!!)
Regardless, she sold the house 2 months ago. She has 3 credit cards and a car loan reporting perfect payment history.
When do the 90 day lates fall off? Is it one month at a time or will they all fall off considering DoFD?
Any advice I can give her on this? I honestly don't think she will have any chance goodwilling this since it was ongoing.
@guiness56 wrote:If the account was never charged off or went to collections there will be no DoFD.
Each late will come off 7 years from its occurrence.
I am just amazed the lender did not once contact her about this.
That is what I am afraid of telling her. This is going to be a long recovery for her.
The lender was WF. We are suspecting they didn't have her number correct or something. No communication from them other than a statement each month. It came around the time her payment was due and she made the payment. From looking at the running total it is obvious she was behind BUT she thought it was that her previous payment had not posted before this one was printed. The statement looked like two payments were due. But, she always made the payment on the 2nd of the month making the payment 92 days late. She said she could have made it earlier. From her receipts you can see she has made the payment like clockwork for the past 5 years.
So moving on to plan B.... What kind of time frame before this starts having less of an impact on her? Obviously she has sold the house so there is no room to negotiate with WF.