My roommate and I are purchasing a house and early this month both our credit scores and income were pulled before our loan information was sent to USDA to underwrite our loan. My credit came back great, but his was trashed and we were not expecting it as we had been very careful to pay our bills and not get pinged for credit inquiries. Sallie Mae screwed up in May on how they reported a bunch of student loans and my roommates was in that group. They said they fixed the issue shortly after but the pull for our credit was made a month after the mistake and was NOT fixed. We have bugged them for the better part of the month for letters to send the the credit bureaus to fix the issue and they have stated 3 times that they have sent a registered letter, yet have not got them. They then stated they would fax the letter to our mortgage people directly on the 22nd and still no letter as of now. Are we going to have to sue them to get this fixed? We can't purchase our home without the letter to fix his credit and get our loan underwritten and back to us to close on and we are now looking at losing our house because we can't close within 15 days of construction completion and the $8,000 credit money we were eligible for and, might I add, on track to get until Sallie Mae screwed the pooch on this deal. This is very frustrating and it's funny how Sallie Mae wants their money from people immediately but when they make a horrible mistake they take their sweet time to fix it. I will sue if need be, especially if we lose our earnest monies, our house, our credit money we were scheduled to get, etc.
How frustrating! Sounds like they really did screw everything up for you and then haven't been helpful at all in correcting their mistakes. You should really talk to a good lawyer about your rights under the FCRA, because if you do end up losing everything you mentioned due to their reporting error, it might be worth it to sue for damages. I would keep bugging them like crazy for the time being to get whatever documentation is necessary to your lender and the CRAs as fast as possible. Good luck, and I hope you're able to close on your new home!
We would lose: $1,000 in earnest money paid on the house to begin construction $8,000 we would have gotten had we closed as scheduled as first time buyers (not sure that will carry much weight since it wasn't "guaranteed", but we can show we were on schedule and show the closing dates we had as options from the title company) Will lose rights to the house by not being able to close so many days within completion date (value $182,000) as well as $4,000 cash in seller contribution to our closing costs. Income my roommate and I would have made renting out 3 of the 5 bedrooms (nearly $1,200 monthly) Money paid to store our belongings and furniture in anticipation of this move Time Around 100 points off of my roommates credit scores which are having adverse effects on him, not so much myself. Roommate is now getting collection notices for an account which is not delinquent, Sallie Mae reps have stated is not delinqent but deferred and that the deragatory mark was a mistake on their part. We have made many honest efforts to get the ball rolling but they do not seem motivated...just don't want to get courts and a lawyer involved unless it will actually do some good, at this point we'd just be happy to get closed before our house goes on open market and we have to start the loan process over again and perhaps pay more for the same house should we chose to.
I know it can be very frustrating...nothing ever seems to happen quickly when your dealing with creditors or the CRAs. Keep on pushing, and hopefully you can get this all resolved and close on your home without too much more damage.
