topic Re: Confused - RealTime Resolutions in Rebuilding Your Credit

Confused - RealTime Resolutions

Anonymous — Thu, 16 Jan 2014 21:23:07 GMT

I had a foreclosure 3 years ago and the deficiency balance 20k was bought by a CA - Realtime Resolutions. The forclosure doesnt even show on my credit at all...it only shows up as mortgage of 20k so every month it reports as a120/180 day late notice. This is reporting wrong correct? The company has offered a settlement of 3k but they will not PFD, at least right now they won't. All of my efforts towards rebuilding my credit is washed away it seems every month because of this continuous 120 late pay everyb single month.

Re: Confused - RealTime Resolutions

Anonymous — Thu, 16 Jan 2014 21:28:01 GMT

If i could settle a 20k debt for 3k id do that in a heartbeat unless its past SOL. it looks to be reporting correctly. i dont think they'll charge off that account.

Re: Confused - RealTime Resolutions

Anonymous — Fri, 17 Jan 2014 00:33:45 GMT

Whether they charge it off or not doesn't matter. The fact that they sold the debt to a CA automatically makes them stop reporting monthly lates.

They no longer own the debt and cannot report on something they don't have.

Re: Confused - RealTime Resolutions

Anonymous — Sat, 18 Jan 2014 23:37:57 GMT

Its the CA reporting it late every month. 180 days each month. Its pretty much killing any effort to build my credit.

Re: Confused - RealTime Resolutions

Shogun — Sat, 18 Jan 2014 23:40:20 GMT

CAs are expressly forbidden to post monthly payment history. Where are you getting your report from?

Re: Confused - RealTime Resolutions

Anonymous — Sun, 19 Jan 2014 00:20:53 GMT

Here on myfico, on transunion, experian, CK, I get them several places.

Re: Confused - RealTime Resolutions

Shogun — Sun, 19 Jan 2014 00:34:24 GMT

Is it reporting monthly lates? Or does it have it as the status?

Re: Confused - RealTime Resolutions

Anonymous — Sun, 19 Jan 2014 04:09:46 GMT

It shows it as an open Mortgage account being 120 days delinquent every month for the past 3 years. The account lists the monthly status payment history...Ok, 30, 60, 90...its says 120 for every month, 180 on experian. Not listed on TU.

Status Date	Dec, 2013	-	Oct, 2013
Condition	Open	-	Open
Last Activity	May, 2011	-	Not Available
Balance	$25,060	-	$25,060
Status	120+ days past due

Re: Confused - RealTime Resolutions

Shogun — Sun, 19 Jan 2014 04:19:52 GMT

@Anonymous wrote:
It shows it as an open Mortgage account being 120 days delinquent every month for the past 3 years. The account lists the monthly status payment history...Ok, 30, 60, 90...its says 120 for every month, 180 on experian. Not listed on TU.

Status Date Dec, 2013 - Oct, 2013
Condition Open - Open
Last Activity May, 2011 - Not Available
Balance $25,060 - $25,060
Status 120+ days past due

That part is OK, they are allowed to post the last status as reported by the OC. However, CAs are not allowed to post monthly updates. 30,60, 90 etc. This is expressively forbidden. If they are reporting as they should be, as a CA, then they would not even have the ability to report as such as this not an available option.

I don't see any monthly postings above, so I can't say whether or not they are reporting those. I was wondering if they were a CA, so I did some research on them and came up with this on their website.

Real Time Resolutions, Inc. is engaged in the collection of debts. This communication is an attempt to collect a debt and any information obtained will be used for that purpose. However, if you are currently in bankrupcty or have received a discharge in bankruptcy, this letter is not an attempt to collect a debt from you personally to the extent it is included in your bankruptcy or has been discharged, but is provided for informational purposes only.

And this:

Real Time Resolutions, Inc. is considered a debt collector.
This is an attempt to collect a debt and any information will be used for that purpose.
Please see the Legal Notice below for more important information
concerning your rights under applicable federal and state law.

So they are indeed a CA.

Re: Confused - RealTime Resolutions

Anonymous — Sun, 19 Jan 2014 04:27:42 GMT

They are reporting as a mortgage company because on the CRs it has the charts of the monthly payments status with the red dots, green dots, etc. (On myfico for example). They are reporting under the mortgage company section, not the collection agency section.

Re: Confused - RealTime Resolutions

Shogun — Sun, 19 Jan 2014 04:30:53 GMT

@Anonymous wrote:
They are reporting as a mortgage company because on the CRs it has the charts of the monthly payments status with the red dots, green dots, etc. (On myfico for example). They are reporting under the mortgage company section, not the collection agency section.

Well then, unless I'm missing something. This is a "NO NO".

Re: Confused - RealTime Resolutions

Anonymous — Sun, 19 Jan 2014 04:32:30 GMT

Im just wondering on how I should proceed with this as in disputing this with the bureaus. Should I do a DV? or Dispute the way its reporting.

Re: Confused - RealTime Resolutions

Anonymous — Sun, 19 Jan 2014 04:42:06 GMT

Does it say collections anywhere on the account? If it does it is scored as a collection by FICO.

Your report is from myFICO which is a 3rd party report and are formatted differently. Sometimes the OC account information is mingled with the CA information. I would pull directly from the CRAs and see how it is reported there.

When an account is misplaced on your report, such as a collections in the accounts section, that is an issue with the CRAs and not the collector.

Re: Confused - RealTime Resolutions

Shogun — Sun, 19 Jan 2014 04:42:35 GMT

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Direct-dispute/td-p/2309095

I would do a direct dispute. Read up on the link above.

Re: Confused - RealTime Resolutions

Anonymous — Sun, 19 Jan 2014 05:31:32 GMT

This is pulled directly off of my equifax:

REALTIME RESOLUTIONS INC PO Box 35888 Dallas, TX-752350888 (877) 469-7325

Account Number: 2245XXXX

Status: COLLECTION ACCOUNT

Account Owner: Individual Account.

High Credit: $26,970

Type of Account : Mortgage

Credit Limit:

Term Duration: 30 Years Terms Frequency: Monthly (due every month)

Date Opened: 10/27/2006 Balance: $25,060

Date Reported: 11/22/2013

Amount Past Due: $7,674

Date of Last Payment: Actual Payment Amount: Scheduled Payment Amount: $236 Date of Last Activity: N/A Date Major Delinquency First Reported: Months Reviewed: 10 Creditor Classification: Activity Designator: N/A Charge Off Amount: Deferred Payment Start Date: Balloon Payment Amount: Balloon Payment Date: Date Closed: Type of Loan: Conventional RE Mortgage

Date of First Delinquency: 05/2011

81-Month Payment History Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 180 180 180 180 180 180 180 180 120 * 2012 * * * * * * * * * * 180 180 2011 * * * * * * * * * * * * 2010 * * * * * * * * * * * * 2009 * * * * * * * * * * * * 2008 * * * * * * * * * * * * 2007 * * * * * * * * * * *

Re: Confused - RealTime Resolutions

Anonymous — Sun, 19 Jan 2014 05:32:33 GMT

And its listed under the mortgage section, not the collection section

Re: Confused - RealTime Resolutions

Anonymous — Sun, 19 Jan 2014 05:49:44 GMT

They are a CA and are reporting incorrectly.

I did some research and found a BBB complaint about the same issue, them reporting as a mortgage. This is what they had to say:

As the Account is a valid mortgage deficiency balance, it is RTR's belief that we have the right to report the Account to the credit bureaus with outstanding payments due. Further, RTR is only reporting an outstanding mortgage account to credit bureaus. Our tradeline for the Account does not reference ownership of any home, nor does it reference any property.

In conclusion, it is RTR's belief that its servicing efforts and credit reporting are in compliance with state and federal law.

A CA cannot report as an OC which is what they are doing. Everything you posted about that account is how a mortgage lender would report and a CA can't do that.

I would file a complaint with the CFPB.

Re: Confused - RealTime Resolutions

Shogun — Sun, 19 Jan 2014 05:59:49 GMT

@Anonymous wrote:
They are a CA and are reporting incorrectly.

I did some research and found a BBB complaint about the same issue, them reporting as a mortgage. This is what they had to say:

As the Account is a valid mortgage deficiency balance, it is RTR's belief that we have the right to report the Account to the credit bureaus with outstanding payments due. Further, RTR is only reporting an outstanding mortgage account to credit bureaus. Our tradeline for the Account does not reference ownership of any home, nor does it reference any property.

In conclusion, it is RTR's belief that its servicing efforts and credit reporting are in compliance with state and federal law.

A CA cannot report as an OC which is what they are doing. Everything you posted about that account is how a mortgage lender would report and a CA can't do that.

I would file a complaint with the CFPB.

Once again, from THEIR website:

So, my translation of what guiness has posted on their stance on this issue:

We're wrong, we know we're wrong. We're going to do it anyway until someone makes us stop. Thank you.

Re: Confused - RealTime Resolutions

Anonymous — Sun, 19 Jan 2014 06:16:22 GMT

Thank you for the info. I have filed a complaint with the CFPB.

Re: Confused - RealTime Resolutions

Anonymous — Tue, 28 Jan 2014 03:37:12 GMT

This is the response: We’ve sent your complaint to the company for a response. We will let you know when the company responds. The response should include the steps they took, or will take, in response to your complaint. You should receive a status update within the next 15 days. You can track the status of your complaint at: https://help.consumerfinance.gov/app/account/complaints/list. Thank you,Consumer Financial Protection Bureauconsumerfinance.gov(855) 411-CFPB (2372)