Hi! I have read quite a few places on the internet that, under the FCRA, we are allowed to send proof of payment history to the CRA's to be added to our report(s). Case in point: My mortgage does not show up on ANY of my CR's. I have made every payment on-time, including extra payments to principle. Has anyone here had success doing this? Any advice or sample letters? Thanks in advance! Shawn
IF YOU HAVE TO PAY SOMEBODY TO DO IT...Don't do it... Just write to your mortgage company and ask them to report to the big 3...
If needed...you could possibly convince the phone company, water company, electric company, trash company, sewer company etc. to report...BUT IT WOULD NOT BE UPDATED EVERY MONTH, SO IT WOULD NOT HELP YOU MUCH IF ANY!!!
Thanks for the fast reply George! Here is the letter I found on the 'net..... ------------------------------------------------------ Re: Request for Addition of Credit Information To whom it may concern: Please include in my credit report the additional information attached. According to the Fair Credit Reporting Act of 1996, I am permitted to add relevant credit history to my credit report. This will more fairly reflect my consumer and payment history. Therefore, I request that you add the enclosed payment history to my credit files. Please inform me within 30 days that the additional credit information has been included by sending my updated credit report to my address below. According to the Fair Credit Reporting Act of 1996, "A consumer's credit report should reflect completeness and accuracy within a reasonable time after notification by the consumer." Sincerely, Name Address Social Security Number ------------------------------------------------------- I called my mortgage company last month and they told me 'we don't report unless you are late', meaning that they only report negative information. That really bites! I was hoping that, according to this letter, I could request an official payment history from the mortgage company (which they do for a fee, of course) and mail a copy to all three CRA's. Any thoughts, anyone? Anyone had success before? I would think a positive 1700.00 monthly payment for two years would really help my score. Thanks! Shawn
MAYBE YOU SHOULD LOOK INTO REFINANCING WITH A COMPANY THAT DOES REPORT...(OR THREATEN TO LEAVE IF THEY DON'T START REPORTING)...
Actually, that's my goal (Sort of). Refinancing. I am fairly young and bought my house soon after my BK (about a year and a half afterwards). I knew nothing of credit 'massaging' back then. My scores were VERY low (don't know the actualy #'s) and my interest rate is (embarassed here) 10.875%. I got the financing basicaly because I have a high income and no real debt. I did BK about 4 years ago because of debt I had racked up in College and when becoming ill (three mos in hospital). I went to a lawyer to help and he talked me into BK. I am actually glad I did it as it has sure taught me a lot. It has been a very slow road back but I am getting there. My Mortgage has a three year pre-pay penalty that won't be up for almost a year and a half. I have done the math and the amount I save (no more PMI, a better rate, etc) will be FAR more than the pre-pay penalty, so I am thinking of refinancing. I have been bringing my scores back up over the pst year and just stumbled on to this board. You guys are great! I think with your advice I will hit my goal(s) soon! Thanks! Shawn
I did a refi in January using the FHA "streamline" refinance. I went from Chase Mortgage (great customer service) to BB&T Mortgage (not exactly my favorite right now) -- 1. They have not reported to my CRs yet, even though the rep said they did. 2. They caused my homeowner's policy to lapse, which caused my rates to go up 3. They put a hard inquiry on my CR, even though a streamline refi doesn't call for that...no income verification, no inspection, no credit check, etc.. I'll be addressing #1 and #3 with them tomorrow! Haven't gotten my policy from my new homeowner's insurance yet, so I don't know the new premium yet... I'm waiting for the 30yr rates to fall, then I'm thinking about doing another refi -- just to get away from BB&T...
Be careful...since they can SELL the mortgage...it may end up at the same place. PEOPLE HAVE SAID THEY RE-FINANCED TO GET RID OF COMPANY X...TWELVE MONTHS LATER AFTER THE MORTGAGE WAS SOLD THREE TIMES...IT WENT TO THE SAME COMPANY X !!!!
Hurricane You mentioned Chase Manhatten had your mortgage prior?? You stated they had excellent customer service, well that's great b/c the bought my mortgage the day we closed. I would certainly hope they report mortgages correct?? I saw on thier website that you can log on and view your mortgage and see what is going towards your principle etc. Did you use the online site and did you have any overall problems with them?? Thanks
Re: Hurricane Since this is kind of inline with a question I recently posted about prepayment penalties...... Would you mind letting me know if your prepayment penalty includes additional monthly payments?
Re: Hurricane Mom, I didn't deal with their CSRs too much, but their website was WONDERFUL...anything that you want to know about your mortgage can be found on the site. Recent payments, escrow accouts, property tax payments, etc, etc... I really miss having this info at my fingertips...If I was still with Chase, then I wouldn't have gone almost a month without homeowner's insurance -- I would have seen it online ahead of time... They also reported accurately and quickly! Enjoy...
Re: Hurricane ---------------------------------------------------- Since this is kind of inline with a question I recently posted about prepayment penalties...... Would you mind letting me know if your prepayment penalty includes additional monthly payments? -------------------------------------------------------- My pre-payment penalty is..... If I pay more than x% (don't know the exact number offhand, but approx 30k for me) in one year, which would include a refinance, I have to pay 6 months interest on the principle. I will have to look up the specifics, don't have them in front of me now (out of town traveling with work). Hope that helps! Shawn