topic Re: Question about an old mortgage showing up on Credit Report in Rebuilding Your Credit

Question about an old mortgage showing up on Credit Report

Anonymous — Sun, 02 Jan 2011 23:27:09 GMT

So, I'm just starting to learn about FICO scores after getting smacked down by my bank after trying to re-fi. Everyone has been so great so far helping me undertand the differences with FICO and FICA scores and I realized I was just throwing money down the toilet with Transunion...good times.

So, I'm trying to read up as much as I can, but I am confused about one thing hurting my credit score. It's a mortgage that was closed back in March of 2006, but says that I'm 90 days late...can that be possible? I thought once it was paid it was done.

Thanks!

Mark

First Horizon Home Loans

Status as of: June 2006

Date Opened: Nov, 2002

Date of Last Activity: Mar, 2006

Status: 90 days past due

7 Year Payment History:

30-days late: 1 time(Sep 2004)

60-days late: 1 time(May 2006)

Re: Question about an old mortgage showing up on Credit Report

Anonymous — Mon, 03 Jan 2011 00:11:42 GMT

@Anonymous wrote:
So, I'm just starting to learn about FICO scores after getting smacked down by my bank after trying to re-fi. Everyone has been so great so far helping me undertand the differences with FICO and FICA scores and I realized I was just throwing money down the toilet with Transunion...good times.

So, I'm trying to read up as much as I can, but I am confused about one thing hurting my credit score. It's a mortgage that was closed back in March of 2006, but says that I'm 90 days late...can that be possible? I thought once it was paid it was done.

Thanks!

Mark

First Horizon Home Loans

Status as of: June 2006
Date Opened: Nov, 2002
Date of Last Activity: Mar, 2006

Status: 90 days past due

7 Year Payment History:
30-days late: 1 time(Sep 2004)
60-days late: 1 time(May 2006)

Once the loan is paid off it is done with making payments. The late payments will continue to show for the 7 year period from DOFD. Now on the other hand if you paid off the loan with no late payments or negative remarks it can also stay on your report for up to 10 years since closed.

IMO I would try and GW them asking them if they will remove the late payment remarks since you paid off the loan.

Re: Question about an old mortgage showing up on Credit Report

llecs — Mon, 03 Jan 2011 02:07:44 GMT

To add, the status refers to being 90 days past due anytime during the history of the loan (in the past 7 years from today). To see when that 90 day late ocurred, you'll need to pull your CR directly from the CRA. Third-party reports won't show this info (usually). You can get your full report for free from annualcreditreport.com.

Re: Question about an old mortgage showing up on Credit Report

RobertEG — Mon, 03 Jan 2011 03:30:33 GMT

+1.

It is a common misconception that continued reporting of a delinwquency, such as a 90-day late, cannot continue to be reported, and that continued reporting is that of a new delinquency.

It usually is not.

Any creditor or debt collector can continue to report, monthly, and theoretically, forever, the type and status dates of their prior reporting.

The status date you are seeing continued reporting of is the date and severity of the prior deinquency. That is not improper. But that updatae must also show the concurrent update of the current balance to $0.

What they cannot do is to report a delinquency wiith an associated date that occured after account closure.

Most creditors will cease the time, cost and expense of continued credit reporting on a closed account with paid debt. But it is not mandated.

Re: Question about an old mortgage showing up on Credit Report

Anonymous — Mon, 03 Jan 2011 17:20:46 GMT

Thanks again for all your help, I really appreciate it!

Mark

Re: Question about an old mortgage showing up on Credit Report

Anonymous — Mon, 03 Jan 2011 17:30:17 GMT

Oh, and as far as asking for GW...would I go to the mortage company or the Credit Companies?

thanks,

Mark

Re: Question about an old mortgage showing up on Credit Report

llecs — Mon, 03 Jan 2011 17:37:37 GMT

You GW whomeever is reporting. If the lender is reporting the late, then that's who you GW. Start by sending the GW as listed on your CRs. If you pull your reports directly from the CRAs, you'll see the lender's contact info. That's always a great place to start.