I've been going round and round with a mortgage loan that we paid off in November. Gave them a check for over $70,000. Got a receipt. Got a letter thanking me for my business after the account was paid off. Got my 1099 that shows that the account has a zero balance. Got another mortgage. Thought it was a done deal. But they refuse to close the accounts on my credit report. Just got notification from Equifax that "this creditor has verified to Equifax that this account has not been closed. Additional information has been provided from the original source regarding this item". If this account is still open, then I'm seriously delinquent on it and NetBank may think they're holding a first place lien against our house and they'd be wrong. What's worse is that this bank changed names. So my account is listed TWICE for the same mortgage - and they both show open and that they were verified 2/02. What is my next step? Going to the bank and showing them that my account is paid or requesting another investigation? I'm afraid to dispute it again since they supposedly provided additional info, although I've no idea what that information would be, since the thing was PAID off! They would have had to release the lein from the courthouse, I'd think, if we refinanced and owe someone else the $ for our house, so isn't giving up a lein kind of agreeing with me that the loan is paid???? I've posted about this before - but this is the first time that there was a notation that the bank verified the account was still open - I thought it was the CRAs being dopey. Suggestions?
If you have proof from them that the account was closed, send a copy of the documentation showing a zero balance to the credit bureaus. And you're right, the second company could not have financed your house without the first company releasing the lien.
Don't discount blame from the CRAs just yet. Fleet Bank is online with all 3 CRAs and reported my 01/02/02 loan payoff within 2 business days, but it didn't appear on CreditExpert till this month. Fight this battle on both fronts. Do as liesel said, and dispute the duplicate as well. Showing up in person is also effective. It's harder to dismiss a body than a voice on the phone or written communication. Make sure you speak with a bank officer who can handle it; if the person you speak to says they have to call someone in another department, make sure they make the call while you wait.
send them a copy of your satisfaction of mortgage. if they still wont remove threaten to sue their butts Thanks
I had this happen but I had a cancelled deed of trust, so I knew there was no remaining fees. Could it be that for some reason your escrow account is not closed? I had no trouble with the CRA's. All I did was dispute on line with each of the CRA's and it came right off.
This happened to my HE loan one bank name shows it as a real estate loan the other shows it as an installment loan.Looks like I owe twice as much as I do>
That's the goal - but the account has already been deleted from my TU report, and my dh's TU report, now in 2nd round of disputing it on Experian (still showing open), and just finished up with disputing it with Equifax and they deleted it from my report, and are now saying that it's still open on my dh's Equifax report. So much for consistency, eh? Ozzy.
I would contact the original creditor. I'm not sure I'd believe that Eq actually went through the trouble of contacting them. If you have a letter of satisfaction and a receipt you should be able to get the creditor to notify the CR.
I agree. Equifax frequently b.s.'s their way through disputes. I had a repo in 95 with bank a, bought by bank b. I disputed it as a duplicate. They responded with "creditors frequently open more than 1 acct. for customers. This is not a duplicate." Even though both had the same acct. # and amount. They are full of it.
My schedule changed so I was unable to go to the branch directly, but I called the main office. I was told they have been reporting correctly since November and that I needed to fax them the credit reports so they could see what was wrong. Is that normal to have to give a creditor your credit report so they can get things reported correctly? I guess it's better than having them pull the reports, but it still strikes me as odd. Ozzy.
IN THIS CASE, I would send a copy of your credit report(s)... Use a copy machine or scanner and cover "STUFF" they DON'T need...like any other credit cards or loans...(the last thing you need is another inquiry, because they had to pull)!!!
Ozzy, It's fine for them to ask; just white out the info that doesn't pertain to them, if your're not comfortable. Some lenders send identical info to the CRAs, and they would need to check your report against their info. Good luck!
Similar thing happened to me except that it was with my car that I paid off. It kept coming back as "verified that is it is reporting correctly, paid, zero balance." I kept disputing, the same thing kept coming back, so I called Equifax. A rep at Equifax told me that installment loans do not reflect as closed, but once they reach a 0.00 balance, the loan is then satisfied, and since its not a revolving balance, it is no longer considered "potential debt." So it is reported as Paid. Apparently paid means closed on an Installment loan. They added a comment on my report per my request, "closed by consumers request" The girl told me that that really means nothing, but it satisfied me because I know the acct is closed and paid off, and I just wanted it to show that way. She just said that its different with installment loans, who knows, its just maddening. Jamee
