topic Re: Credit Union reporting issue in Rebuilding Your Credit

Credit Union reporting issue

Anonymous — Sun, 11 Oct 2009 19:32:21 GMT

Here's the quick & skinny...

My credit union mistakenly applied payment of an auto payment to my personal loan, which resulted in a short payment on my auto loan. This in turn triggered their system to report a 30 day late on the auto loan.

I only realized this after pulling a recent report and finding the late payment on my Equifax report (dropped my score from 647 to 624). Well, the bank manager put together a letter on my behalf to hopefully correct this with negative reporting with Equifax (they only report to Equifax...thank goodness)

The hurtful part for me is, my wife and I were planning on applying for a home loan in the next week or so, to hopefully take advantage of the tax credit. So, I need this corrected ASAP! So my question is, what is the quickest way for this to be corrected? Should I have the bank mail the letter? Should I take the letter and mail it personally? Should it be faxed?

Any advice would be greatly appreciated.

Message Edited by BP2003 on 10-11-2009 12:32 PM

Re: Credit Union reporting issue

Anonymous — Sun, 11 Oct 2009 19:33:25 GMT

The letter going to the CRA will do nothing usually. You need to contact the company reporting on your auto loan!! Only the OC can make changes to your CR.

Re: Credit Union reporting issue

Anonymous — Sun, 11 Oct 2009 19:38:44 GMT

@Anonymous wrote:
The letter going to the CRA will do nothing usually. You need to contact the company reporting on your auto loan!! Only the OC can make changes to your CR.

I did speak with the company reporting my auto loan (my local credit union). They put the letter together for me, and the bank manager signed it. I just need to tell them the best, quickest to way to handle this

Re: Credit Union reporting issue

Anonymous — Sun, 11 Oct 2009 20:02:09 GMT

I'm sorry I misunderstood. the CU will have 1 department that reports to the CRA. If your CU is national it will be the main office.It might be in the bookeeping dept. BUT not the bookeeping office at a local site. The manager should be able to call that office and have it corrected.

Re: Credit Union reporting issue

Anonymous — Sun, 11 Oct 2009 20:05:57 GMT

@Anonymous wrote:
I'm sorry I misunderstood. the CU will have 1 department that reports to the CRA. If your CU is national it will be the main office.It might be in the bookeeping dept. BUT not the bookeeping office at a local site. The manager should be able to call that office and have it corrected.

Small local credit union, one establishment (not national)...and from this experience,I don't think they know much about this.

Re: Credit Union reporting issue

Anonymous — Sun, 11 Oct 2009 20:21:23 GMT

Someone from the CU is reporting. Have the manager check with the bookeeping dept.

Re: Credit Union reporting issue

BungalowMo — Sun, 11 Oct 2009 21:25:37 GMT

Are you trying for the mortgage through the CU?? Just wondering....

Re: Credit Union reporting issue

Anonymous — Sun, 11 Oct 2009 21:54:06 GMT

@BungalowMo wrote:
Are you trying for the mortgage through the CU?? Just wondering....

Especially after this kind of crap, and their rudimentary operations systems...I don't plan on it.

Re: Credit Union reporting issue

Anonymous — Sun, 11 Oct 2009 21:55:52 GMT

@Anonymous wrote:
Someone from the CU is reporting. Have the manager check with the bookeeping dept.

Ok..they say their system will automatically track lates and trigger a reporting to the CRA.

Re: Credit Union reporting issue

Anonymous — Sun, 11 Oct 2009 22:15:36 GMT

Yes, it can do that but they must have a person that handles all that info. Changes need to be made at times.

Re: Credit Union reporting issue

Anonymous — Sun, 11 Oct 2009 22:21:49 GMT

@Anonymous wrote:
Yes, it can do that but they must have a person that handles all that info. Changes need to be made at times.

Ok...well it has already been reported. So, now I need the CRA to correct it. The CU has written a letter for me. Will a CRA allow a faxed copy of the letter?

Re: Credit Union reporting issue

Anonymous — Sun, 11 Oct 2009 22:31:33 GMT

The CRAs take the word of the creditor. The CRAs PC sends a message to the OCs PC. It will make any changes that are in that PC.

Keep in mind that the CRA is a middle person only. The creditor tells the CRA something and they report it.......You tell the CRA something (like a dispute)....The CRA will contact the PC for the OC and report whatever it is told. If it isn't corrected in that PC it will not be changed.

I do not know if a fax is accepted. They have rules and regulations that they use and everything is coded.

Im sorry but thats all that I know.

Re: Credit Union reporting issue

Anonymous — Mon, 12 Oct 2009 00:07:58 GMT

@Anonymous wrote:
The CRAs take the word of the creditor. The CRAs PC sends a message to the OCs PC. It will make any changes that are in that PC.

Keep in mind that the CRA is a middle person only. The creditor tells the CRA something and they report it.......You tell the CRA something (like a dispute)....The CRA will contact the PC for the OC and report whatever it is told. If it isn't corrected in that PC it will not be changed.

I do not know if a fax is accepted. They have rules and regulations that they use and everything is coded.

Im sorry but thats all that I know.

So a formal dispute is the only way to get this corrected? I need something much quicker than that...

Re: Credit Union reporting issue

Anonymous — Mon, 12 Oct 2009 12:53:06 GMT

I have a signed letter from the Credit Union Bank Manager. Any ideas on the quickest way of getting this "30 day late" issue resolved?

Re: Credit Union reporting issue

LIGHTNIN — Mon, 12 Oct 2009 14:24:07 GMT

You may try taking this letter to the nearest EQ office, if there is one near you.

But there IS one person at the CU that knows how to fix this, the ONE who reported it to the EQ.

Have you tried to talk with someone in bookkeeping dept?

EQ only reports what the CU told them to report,

Someone at the CU entered this info in their computer, that told EQ computer what to report.

You just need to keep asking who is responsible to enter this info in the computer, that's the person who can fix this.

If all else fails, just ask someone at the CU, to please call EQ and fix this situation.

Good luck to you.

Re: Credit Union reporting issue

BungalowMo — Mon, 12 Oct 2009 14:28:42 GMT

I agree with all that's been said. When the time comes that you want to app for the loan...keep that paper with you & explain that this "fix" is in the works. Once you know it's been reported to EQ...ask your LO for a rapid re-score.

Re: Credit Union reporting issue

Anonymous — Mon, 12 Oct 2009 15:05:36 GMT

Good Info!

I called EQ this morning, and the gentlemen went ahead and filed a dispute over the phone for me, and gave me the fax # for EQ so that I could send them the corresponding letter from my CU.

Thanks for the advice everyone!

Re: Credit Union reporting issue

Anonymous — Thu, 22 Oct 2009 14:45:53 GMT

Thank goodness!!! They deleted late last night! I got the update from EQ via e-mail, and I pulled my EQ via myFICO and my score went from 626 to 657.

Still got work to do though!

Thanks for all of your help!