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Hello everyone!
Ok I took out a mortgage in 2006 it was an 80/20. The forclosure finalised in june of 2008. So here is the issue with reporting.
On the first loan it was listes as forclosure with a zero balance, but the problem is that to this day 4 years later in the "Current Status" area it reports as 120+ pat due.
Is it possible for a closed out zero balance forclosure to be reporting past due?
On the secon when the house forclosed the remaining amaount on the second mortgage was charged off. But on all but one report the second mortgage is listed as open with a balance and a past due amount plus in the "current status" listed as 120+ past due.
So I am receiving a late payment on my credit report almost every month from this second mortgage which is being reported incorectly.
Here is how I am seeing this.
Because the second is being reported open and past due for so many years incorrectly my credit has been hammered to no end. On the one credit report that correctly shows the charged off second my score is almost 60 point higherer than the ones that are reporting open.
I think that a 4.5 year old charge off at a zero balance would be far better off scoring wise today ( because of the charge off age) than how they are currently reporting as open and past due with a balance today.
What does everyone think?
David
Hey everyone!
Ok so I am thinking that Chase has been supplying fradulent information to the cra's for years.
I will only stick to the second mortgage here. The actual mortgage charged-off in 2008, but here is how it is reporting.
Chase
Status as of: Jun 2011
Date opened: Apr, 2006
Date of last activity: Aug, 2007
Largest past balance: $24,468
Account Type: Installment
Scheduled Payment: $234
Industry: All Banks
Current Balance: $24,308
Current Status: 120+ past Due
Past Due Amount: &10,761
6-2009= 120+ days
7-2009 thru 10-2010 payments listed as ok
11-2010 thru 5-2011 120+ past due.
First off if the account is charged off how is there all of this post activity. Also how does it go from 120 to ok straight back to 120? There is no progression or anything.
Is this a violation of some sort? This has been messing with me for years and I feel there has to be some sort of recource for me to make them pay for the fraudulent reporting!
Thanks,
David
When you have an account report "120 days past due" itmeans that in some point in the 7-yr reporting history that there was a 120-day late.
It's not uncommon for a bad account to skip a month here and there, or even skip monthly reporting for months on end. That'll often result in "OK"s when there should have been a late reporting instead. I certainly wouldn't ask them to report a late in lieu of those OKs. Are they reporting incorrectly? Maybe. But they'd likely fix it and that could drop your scores.
I'd send a PFD. If you are inside SOL, make sure you have 100% saved first. I'm still assuming you can be sued for this.
Well this account is actually charged off it is not an open acount, so there is an FCRA violation right there because they are reporting incorrect information.
Also the sol expired a year ago, my last payment to them was in october of 2007. It's current status is not 120 days past due, its current status is charged off/ bad debt.
I am receiving tons of lates on my credit report yearly because this account is not open, it is a charge offf. And they held the charge off and did not sell it. Its correct balance is 0, its correct past due is 0. But they are also reporting it as a 2 year mortgage note when it is actually a 30 year note. Like I said I think they are reporting fraudulently.
I dont see how a 4.5 year old charge off can be hurting me more than a continuous late payment showing up month after month.
You can not report an account open when that is not the case.
Thanks,
David
Even if a charge-off, they are allowed to report a balance. They can also report monthly lates and added interest. They can do so for as long as they own the account. They will only report $0 if paid off or if they sell the debt.
An update to charge-off/collection will be worse than 120 days past due per FICO (though not too much worse). It'll be viewed the same by lenders. Be careful of the alternative reporting. IMO, it's reporting correctly. "Open" refers to the accounts type.
I'd send a PFD.
Before doing anything just make 100% for sure SOL expired. I know in some states like Cali, SOL is 4 years, but in most states its SOL is unexpired.