03-18-2013 09:17 PM
So I rehabbed my student loans. Made last payment of rehab in December. Loan gets purchased...all payments on time for the 9 months plus this loan renewal......ACD then updates my TL with them to show all lates at the same time as the rehab loan purchaser. Score drop of 69 points. Lost home loan, so lost new home purchase. I should have saved the money. Trying to dispute, I am in no way positive on this one.
Angel the severly peeved.
03-19-2013 06:52 AM
Am I understanding your post correctly? I'm reading that the 9 months of on-time payments to one lender is showing as 9 months of simultaneous lates on the other lender.
How are you disputing this?
From what I'm reading, it should be an easy fix. An sensible LO or underwriter should see that this is an error if the two contradictory accounts are the same loan. Speaking of the same loan, are you sure this is not for different loans? As long as you can prove they're the same loans, it will make ACS look like a buffoon to a smart underwriter.
If you haven't already, request a letter from the one lender to confirm that your payments on the loan were made on the dates in question, along with your payment evidence, and send it all to the other lender with a letter requiring that they update their records. Before you send the letter to baddie lender, call them and ask how long it takes them to update records that are in error (be patient if they ask you to get into details, as you may just get lucky in explaining your situation to the right rep). Include this time frame, referencing the date/time/conversation with the rep as a basis. Then, while you are waiting, keep calling to see if there is a quicker remedy (again, you may get lucky), and make sure they are taking notes, as not all companies do these days.
Good luck, and I'm so sorry this happened in such bad timing for the home loan. Try, and try again.