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Is this reporting correctly?

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Regular Contributor

Is this reporting correctly?

I disputed the DOFD on my mortgage which was foreclosed and set to fall off in March. Ocwen corrected the DOFD but also reported its 120 days or more delinquent as of Oct 16. The balanced owed is $0. It tanked my score because it went from an old foreclosure to a current past due account. Can they do this? If I don't owe them anything how can it be delinquent?

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Legendary Contributor

Re: Is this reporting correctly?

A creditor is not required to report each and every derog in payment history.

The stautory requimrent is that what they do report cannot knowingly be inaccurate.

 

If the loan did, in fact, reach 120 or more days delinquent, then the reporting of that delinquency would be accurate.

 

It is stated that the balance owed is now $0.

Do you mean that you have paid the full loan, or that the creditor has reported a $0 balance to the CRA?

Reporting of a $0 balance does not mean that the debt is paid, only that the OC has reported that it is no longer owed to them.

If the debt remains unpaid and was sold, then the purchaser can report the debt as a collection. 

If the debt is unpaid, that would be my primary concern......

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