ABSOLUTELY LIVID- FILE IS IN UNDEWRITING- HELP!

[RSX]

Goldman Sachs added this to my Apple card 3 weeks ago - i didnt dispute it

this morning, there was a Change Alert on my TU report - GS removed the comment entirely

Keep working on getting it removed and good luck to you - but i think these comments may start getting pulled back on their own (without dispute)

[Anonymous]

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@Anonymous wrote:

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@FSUGAPEACH wrote:

Very long story short-

We are 3 weeks away from closing. Our file is currently in underwriting. When this intial COVID mess happened we had ZERO intentions on buying a home. Fast forward a few weeks later and here we are under contract with a contract on selling our current home and purchasing our dream home! Credit has been pulled and scores are all in the 690-700 range. When the COVID mess happened we decided to go ahead and apply for assistance as financial security if anything happened to mine or my husbands during this time. We were assured this would not negatively impact our credit. I actually called Wells Fargo and made a payment last month anyways (bcz I was scared to NOT pay it when I'm in the process of undewriting) and the rep told me just keep the account under foreberance because it will not report anything negative on my file at all. She also gave me the payoff of the loan while I was on the phone and wished me well on our closing. During the past 2 weeks we also sold one of our vehicles for payoff in full and paid off the loan.

Today I receive a credit alert that the vehicle account has been PAID IN FULL with zero drop in the score- Thank God! However, there is a remark that says "Zero Balance Affected By Natural Disaster Fixed Rate"

WE PAID THIS ACCOUNT OFF IN FULL?!!! Why would it say "Natural diaster fixed rate"? AND THEN IT GETS BETTER- I'm frantically pulling up our credit karma account and it shows "remark code added to mortgage- account in foreberance" WHAT THE HECK??!!!!!! We are not behind in payments nor have we ever been! Is this going to be an issue?? Will a full credit report be pulled by the UW again??? What happens now? Do I call Wells Fargo and ask them to remove this from my credit report immediately? I'm so freaking stressed right now!!!!!!!!

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See what I colored? So Wells Fargo is deliberately misrepresnting your credit information in a way calculated to scare away any other lenders? (at least that is how the allegation will read in the  summons you serve on them when the house purchase falls through). I would get off the telephone and start writing letters and sending them Certified Mail Return Receipt Requested telling them they have 72 hours to correctly report your accounts (the car loan as Paid Satisfactory and the Mortgage as Current, no delinquencies and no Forebearance) or they will be getting sued for the damages caused - which will be cash damages of the purchase price of the house followed by a six figute claim for Libel and Slander, another claim for $1,000 Fair Credit Reporting Act Statutory Damages and Treble damages for the deliberate, malicious and false representation of your finances causing Business Interruption. CC that to the underwriter at the new lender. Then get a lawyer.

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I am wonderinf this is due to the reporting the CARES Act is pushing. About half my accounts now state: affected by natural disaster (aka Covid).

I really wouldn't worry about it. I believe everyone reporting the the 3Bs are adding this on during Covid. I asked about this over a month ago when I saw it pop up on one account and people reaponded saying it was probably because of where I live - no! No natural disasters happen where I live. Then more creditors started reporting this and more people have mentioned this reporting.

It is not personal. I believe it is how creditors are updating accounts in case people use deferement or forbearance or miss payments so that they can easily see the remark and update it correctly.

[Revelate]

Which lenders and are you seeing this on annual credit report or some other site?

I have only been using Experian's service lately and I don't see any comments / remarks and I have a lot of different lenders on my report.

Wondering if those are just not being displayed if you have that many.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

---

@FSUGAPEACH wrote:

Very long story short-

We are 3 weeks away from closing. Our file is currently in underwriting. When this intial COVID mess happened we had ZERO intentions on buying a home. Fast forward a few weeks later and here we are under contract with a contract on selling our current home and purchasing our dream home! Credit has been pulled and scores are all in the 690-700 range. When the COVID mess happened we decided to go ahead and apply for assistance as financial security if anything happened to mine or my husbands during this time. We were assured this would not negatively impact our credit. I actually called Wells Fargo and made a payment last month anyways (bcz I was scared to NOT pay it when I'm in the process of undewriting) and the rep told me just keep the account under foreberance because it will not report anything negative on my file at all. She also gave me the payoff of the loan while I was on the phone and wished me well on our closing. During the past 2 weeks we also sold one of our vehicles for payoff in full and paid off the loan.

Today I receive a credit alert that the vehicle account has been PAID IN FULL with zero drop in the score- Thank God! However, there is a remark that says "Zero Balance Affected By Natural Disaster Fixed Rate"

WE PAID THIS ACCOUNT OFF IN FULL?!!! Why would it say "Natural diaster fixed rate"? AND THEN IT GETS BETTER- I'm frantically pulling up our credit karma account and it shows "remark code added to mortgage- account in foreberance" WHAT THE HECK??!!!!!! We are not behind in payments nor have we ever been! Is this going to be an issue?? Will a full credit report be pulled by the UW again??? What happens now? Do I call Wells Fargo and ask them to remove this from my credit report immediately? I'm so freaking stressed right now!!!!!!!!

---

See what I colored? So Wells Fargo is deliberately misrepresnting your credit information in a way calculated to scare away any other lenders? (at least that is how the allegation will read in the  summons you serve on them when the house purchase falls through). I would get off the telephone and start writing letters and sending them Certified Mail Return Receipt Requested telling them they have 72 hours to correctly report your accounts (the car loan as Paid Satisfactory and the Mortgage as Current, no delinquencies and no Forebearance) or they will be getting sued for the damages caused - which will be cash damages of the purchase price of the house followed by a six figute claim for Libel and Slander, another claim for $1,000 Fair Credit Reporting Act Statutory Damages and Treble damages for the deliberate, malicious and false representation of your finances causing Business Interruption. CC that to the underwriter at the new lender. Then get a lawyer.

---

I am wonderinf this is due to the reporting the CARES Act is pushing. About half my accounts now state: affected by natural disaster (aka Covid).

I really wouldn't worry about it. I believe everyone reporting the the 3Bs are adding this on during Covid. I asked about this over a month ago when I saw it pop up on one account and people reaponded saying it was probably because of where I live - no! No natural disasters happen where I live. Then more creditors started reporting this and more people have mentioned this reporting.

It is not personal. I believe it is how creditors are updating accounts in case people use deferement or forbearance or miss payments so that they can easily see the remark and update it correctly.

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There is no such thing as a "Permissible False Reporting". If you ask for and get forbearance under the CARES Act, that is one thing, and they would have a right to report it as such. If you have not asked for or gotten any forbearance under the CARES Act it is NOT a Permissible report to say or imply that you did. It is a violation of the Federal Fair Credit Reporting Act, plain and simple.

[Anonymous]

Yes-I know for sure that they are automatically adding it to Student Loans even if you're paying them. They are also automatically forebearing all Federal loans to October 1. This includes no interest or penalties (I.e. no capitalization). Private loans 

We are in the middle of qualifying for a mortgage and our LO said it's happening with everyone and they are aware. 

[Anonymous]

I found this, but was unable to screenshot it:

Why Does the Number of Negative Accounts Marked "Affected by Natural/Declared Disaster" Matter?

Creditors know that meeting due dates for loans and lines of credit is not always possible when disaster strikes. So they give customers who live in the affected area a break by reporting the “Affected by natural/declared disaster” status to the credit bureaus. As a result, any payments you missed during the disaster and its aftermath are ignored when your credit score is calculated. That could lead to a temporary increase in your credit score.

Bear in mind, however, that the “Affected by natural/declared disaster” status won’t save you from owing the amount(s) in question. You still have to pay when the disaster grace period ends. And if you don’t, your credit score will start to suffer.

[AI_JMV]

This sounds like fraud.  If they lend or forebear under current circumstances, and use programs legitamately, then they can get that money back from the govt. program.  It appears they are trying to recoup fees illegitamately. 

[Anonymous]

I am not sure how some of you gather this is an illegal practice when in fact, the CARES Act is a "law".

It clearly outlines that there were agreements made to allow creditors to change their reporting during Covid times for a certain duration of time. When this does not negatively impact anyone, and in fact may help many, I am unsure where the issue lies?

I believe instead of picking through each account, they may have made blanket changes in reporting to cover anyone that may in the future utilize any relief programs so that they wouldn't have to go back and change past reporting drastically. It was already accounted for and there will be no negative impact due to this reporting.

Feel free to look up the CARES Act that was passed into law. It outlines credit reporting as part of this law.

[Anonymous]

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@Revelate wrote:

Which lenders and are you seeing this on annual credit report or some other site?

I have only been using Experian's service lately and I don't see any comments / remarks and I have a lot of different lenders on my report.

Wondering if those are just not being displayed if you have that many.

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I have up to 35 TLs reporting, depending on the CB. Most are SLs, so to me, that is many, considering that is 7 different servicers, which of only 3 are currently active. I also had CAs that had this in the remarks. I have since paid them and they were deleted, so I would have to dig them up from old CRs.

None of my 4 open non-SL accounts (1 installment and 3 revolvers) have that message, yet.

[Anonymous]

Revisiting the OP, they stated they took the assistance "just in case". That probably triggered the remark. 

I just don't see how this would negatively imoact the mortgage process.

As stated above by Experian, assistance may trigger reporting changes. It is a protection as to do no harm to the credit report/score during Covid. The assistance was requested by the consumer, as listed above in how this works.