Hello all ~ after doing some research online, I found this is the place to be for answers, guides and suggestions to rebuilding credit.
I have seriously began reviewing my credit recently. Back in 2013 I went through some difficult times, between family events and job loss, life was somewhat out of control. I made mistakes with my credit, I admit it, I own it. Dont look as the saying goes, just march forward, which is what I am doing. I will be honest, I didnt know a thing about credit reporting practices until recently, but I came across some items on my credit reports that I question.
My mortage was with Bank of Flagstar begining 2005. It was smooth sailing until early 2012, March, when I first started missing payments. No job at the time. It got as bad as 120-150 days late at times, as much as I tried I was not able to get back to current. I cannot remember the extact date, but my mortage was sold to Bank of America in early 2013, again I was never able to catch up to current from the previous delienquencies. The closest I got to current was 60 days. Whats amazing, there was never a transfer deed recorded at the clerks office for the sale/transfer from Flagstar to Bank of America. (No MERS filing either). Wish I would have caught this earlier, not 6 years later.
In November of 2014, my mortage was trasferred/sold to Ditech or whatever they are called nowadays. About 8 months later, they foreclosed, which is what I am learning Ditech is known for.
I recently obtained a copy of my Experian and TransUnion credit reports. Took advantage of the free annual report. Still waiting for Equifax.
What I found was that the Bank of America mortgage has been removed completely from both credit reports. I am assuming it was because the 7 year period from first delinquency.
However, Ditech is reporting the date of first delinquency as 11/2014, which is when the mortgage was transferred to them.
Shouldnt the first date of delinquency be the same for Ditech as it was for Bank Of America? I do not believe they can re-age the debt? I did not perform a modification or anything with Ditech.
What should my next action be? I have never disputed anything with the Credit Bureaus. Would it be better to gather documentation such as the mortgage transfer deed and write a letter including proof? Or should I call and dispute?
Thanks in advance for helping a newbie.
If you have documentation showing when the loan first became delinquent, and also showing that it remained continuously delinquent after that date, then you can file a dispute with the CRA under FCRA 611 of the accuracy of the date of first delinquency that is being shown in your credit report.
If the creditor reported the DOFD to the CRA, then the CRA must forward the dispute to them as part of the dispute process, forcing the creditor to conduct an investigation of the reported DOFD and either verify back to the CRA that it is correct as reported, or they must correct any inaccuracy.
Yes, file a formal dispute, thus forcing the forwarding of the dispute to the furnisher, an investigation by the furnisher, and a response back to the CRA of the finding of that investigation.