I am so upset! Ford Credit keeps showing up as an I-4 on EQ, but it is actually PAYS AS AGREED! I pay my account electronically and I know the payments are received. I call Ford and they claim they are not reporting the account as late. EQ fixed it with a dispute in March 02, but then reinserted the negative in May 02, with no notice! I have been disputing this item with EQ since June. I have even sent in a copy of my Ford statement of accounts. I finally broke down today and called in a dispute with EQ to see what the H*LL was going on, they told me that the information that they got from Ford indicated that I was 61-90 days late on payments. I called Ford again and they claimed that they are reporting no such thing. This is some narly Catch-22. EQ will not accept any documentation that I get from Ford, but they will post incorrect negative information. This is very important to me because I plan to apply for a home equity loan with the rates so good and my EQ has gone from a 703 to a 558. HELP ME. Give me ideas? What can I do to get results fast?
I have never sued anyone. I am sure that some of the 'veterans' will chime in and give you more guidance.
You should be able to fix this with a letter from Ford. Get them to send you a letter stating that they have notified the credit bureau to correct the erroneous information and that you have never been late. Once you have that, fax it to the credit bureau. Good luck! L
Also, if you get a letter from Ford keep it and give a copy to your underwriter when you apply for the loan. The nice thing about Home Equity loans or Mortgages is they go to an underwriter who, in most cases, will throw out the negatives when faced with proof. Most of the time they just want a letter from you explaining why the payments were late - if you have a letter from Ford stating they weren't late in the FIRST place then you're done. I had to do that with a credit card that kept doing the exact same thing to me. The mortgage company just ignored it...
Have Ford send you a letter what they are reporting and forward it to the CRA. I do the same thing on my credit union info as EQ says this does happen for some unkown reason.
Yes I have been sending EQ the information from FORD for months, statement of accounts, letters from Ford, etc. I called two credit unions and they do manual review of Home Equity applications, so I should be able to plead/prove my case. However, it is impossible with a bank that kicks you out based on your score alone. It seems to me that if they can't report the loan correctly repeatedly, then they should just delete the whole thing. I want to sue, but I am afraid.
