Report lists 90 day late payments but no 30 or 60 day late payments?

Discussion in 'Credit Talk' started by Carlao, Oct 15, 2015.

  1. Carlao

    Carlao New Member

    Thanks in advance- I recently tried to get a mortgage with my husband, and we were denied. The bank manager went through my report and showed me that a few years ago, my student loans were reported as 90 day lates, but no 30 or 60 day late payments were noted, which he thought was odd- he said maybe it happened when they changed hands (refinanced). He suggested I work with a credit repair agency, but I've heard that they're not necessary. I most likely did miss these payments, but is there anything I can do? We were also denied because my husbands report listed a lot of 30 day lates for his auto loans- we recently had a baby and things were tight when I was on leave. Is there anything to do about these?
    Thanks in advance, let me know if more info is needed. I would like to repair our credit and try again for a mortgage in about a year.
     
  2. jam237

    jam237 Well-Known Member

    Sometimes, the 30 & 60 day lates may not be reported.

    Imagine the scenario, especially with student loans. You apply for a deferment or forbearance, the lender receives the paperwork right before the account was supposed to go into repayment, needs more information, sends you a letter requesting more information, the repayment status changes, you provide the information, they work to finish the processing of the request, the payment deadline comes and goes, you are 'technically' 30 days late, possibly 60 days later before they've had time to review the request; IF they reported the 30 and 60 day lates, when they would approve the deferment or forbearance application, they would have to update their records, and send a manual update to the CRAs that the 30 and 60 day lates that they had just reported; no longer had occurred.

    The easiest thing to do is to contact the company that's reporting them, writing a letter asking for an explanation of the 90 day lates.

    The 30 day lates may be something that a good will letter would work on. Are you back to being on time?

    If so, try writing a letter just explaining that the cause of the 30 day lates was because of the special circumstances and that you are now back on track now that you've been able to return to work. You'd greatly appreciate any assistance that they can provide.
     
  3. Carlao

    Carlao New Member

    Thank you for your reply! I understand how it's possible for them to be reported as 90 days with no other reports of 30 or 60 days. I am now paying the loans on time, but I now pay a different company- the lates are reported by US Dept of Ed, and now are owned by private companies. You mention to contact the company reporting them. Which sample letter should I use? Thank you. In terms of the auto loans- we are paying them on time now. Your advice is to send a good will letter? Thank you for your help.
     
  4. jam237

    jam237 Well-Known Member

    The best sample letter is one that you come up with yourself. (Note the caveat below: The best letter would just be a simple non-threatening letter asking for more information on the 90 day lates that they are reporting on your credit file.)

    One big caveat with the USDoEd, if they are reporting on the credit report incorrectly, it is a very special circumstance since they claim that the Constitution makes them immune to civil lawsuits for FCRA violations. I posted in a thread here, my 14 month journey suing the USDoEd for incorrectly reporting my student loans, and thankfully their attorneys were so helpful in making sure that should I ever need to file another lawsuit against the federal government, it'll be bullet-proof from the beginning. :)

    http://consumers.creditnet.com/Discussions/showthread.php?t=72434

    Look over the USDoEd's listings with a fine tooth comb for errors. My example wouldn't apply to yours since yours SHOULD be reporting a ZERO balance and ZERO payment terms; but in my case, they were reporting 36 payments of FULL BALANCE due to come up with the FULL BALANCE; which would make my 5 student loans come to $0.96 MILLION... The best part, when they verified the data, they actually reported that they were UNABLE TO VERIFY pieces of information, which therefore makes them reporting data which is unverifiable in violation of the FCRA. :)
     
  5. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    It's been about 4 months Carlao. Have you been able to make any progress with cleaning up your credit reports? If you've had some success utilizing the info. jam gave you, we'd love to hear an update and help with any additional questions you might have. Look forward to hearing from you!
     

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