Question about something not reporting.

[Anonymous]

Question: I was discharged almost 2 years ago. I recently noticed that it appears my home equity and mortgage are not reporting, and even list as closed even though both were reaffirmed.
These would be very helpful in my credit recovery so what are my options or is this normal? Thanks in advance

[daveg38]

If you're still paying on a reaffirmed mortgage, you have an open account.

Unless your mortgager sold your loan to someone else, and they are now responsible for it.

I would get on the phone today and speak with someone that can assist in updating your credit reports to reflect all on-time payments, and that your account is open in good standing. Those timely payments should lower your utilization, and the open account is a positive tradeline - both significant scoring factors.

If it's a small company servicing your loan, don't let them bully you. If they report anything to a credit bureau, they have E-Oscar access (portal that sends coded information to the CRAs).

In other words, if they say "there's nothing we can do - contact the credit reporting agencies", make sure you call them out on their BS and remind them you pay the green fees for an experienced FCBA attorney.

[0REDSOX7]

Please understand that reporting on a reaffirmed debt is not mandatory with no legal requirement to do so, and should be negotiated when signing the reaffirmation agreement.  

[daveg38]

This is true, but reporting a closed account means just that - it's closed. If the servicer is reporting this and still collecting money, they're violating a specific subsection of the FCBA mandating accurate reflection of payments received, then also violating FCRA provisions mandating accurate reporting.

Reporting a reaffirmed debt may not be mandatory, but accurate credit reporting IS. If the OP is paying a mortgage that was reaffirmed (signed by both parties), they're agreeing to continue making timely payments to keep their account open and in good standing ("open" being the word of opportunity).

"Open, reaffirmed debt" or "open" are appropriate credit report entries regardless what's mandatory or not. "Closed" is not accurate as the account, which is still accruing interest and collecting payments, is indeed open under the reaffirmation agreement.

I would start with a GW letter to the company reporting your mortgage, letting them know having an accurate account of payment activity reflecting on your credit report is important in your rebuilding process, then nicely ask them to update your credit report to reflect payments made and status as "open". CC your bankruptcy attorney as they're your counsel of record and were paid a set fee for representation of all BK filings.

[0REDSOX7]

OP - let me ask you this.  Is your account listed as Included in Bankruptcy, or just closed?  Another note - was your reaffirmation agreement approved by the trustee and all parties signed in a timely manner?