Ok, I have tried everything under the sun to get these lates removed from my GMAC Mortgage acct. I have disputed several times with the CRAs. I have sent several goodwill letters. I have used PFB. I have even mailed the Vice President. I tried today on the website via Live Chat with a rep hoping to get someone nice-NOT. All I get is NO or we cannot do it "IT IS ILLEGAL" It violates the FCRA. Please tell me what is illegal about removing 30 days lates from 2 years ago!!! Several other companies do it. Is it trully illegal to do a goodwill adjustment and does it really violate the FCRA? Help!!!
I guess you can refinance, and you might have better luck disputing it once they've closed out your account for a while. I hear that potential mortgage lenders don't like to see late mortgage payments within the last two years though
I have definitely thought of doing that(refinancing) within the next few months. They are sooo unforgiving. I have not any late payments in the last two years with them but they are bent on reporting it for another 5 years. I still want to know where it says it is illegal for them to do a goodwill adjustment and how it violates the FCRA??
Nope, definitely not illegal. Several people have had it done by compassionate people at the other end. It's all a matter of getting the right person... or i guess sometimes,some banks would have a strict policy against it. Personally, I had success with citibank, but wells fargo said no to me
Could send them another goodwill adjustment letter and enclose a copy of the FCRA with the pertinent "MAY be reported" for up to seven years and point out that no where does it say it MUST be reported for seven years. I also would refinance and if you have any other products, get rid of them as well. Good luck!!! L
Thanks Whyspers! I will not give up, I will continue to bug them and hope I get a person who will help me. I may try sending a copy of the FCRA showing them it is not illegal to remove the payment history. I am planning to refinance and I don't have any of their other products-thank goodness! I can't see staying with them another 26 years they way they treat people. I actually started out with another mortage and it was transferred to GMAC a few months later. For all those considering GMAC Mortgage, car loan, credit cards, Don't ever be late!! You WILL have to live with it for 7 years no matter what the circumstances are.
It is not illegal in any sense for them to wipe the 30 day late off your credit report. Here are some threads I found on goodwill adjustments: http://consumers.creditnet.com/stra...=&postid=279789&highlight=goodwill#post279789 http://consumers.creditnet.com/stra...=&postid=281085&highlight=goodwill#post281085 http://consumers.creditnet.com/stra...=&postid=282945&highlight=goodwill#post282945 Do a search on "goodwill" or goodwill adjustment" for hundreds of posts. Now here's a challenge. Find out the CEO and CFO of General Motors as well as GMAC. Google can find em for you in no time flat. Write each of them a letter stating that you would like to buy a new GM vehicle. Tell them your hardship situation from several years ago that caused you to be late. If you don' t remember then um...be creative Prove that you have the score needed to qualify for a car loan. Most importantly, tie the loan to the fact that you are looking to qualify for a mortgage. If they remove the 30 day late you can get that mortgage. Send the letters regular mail, no need to waste over $4 on a CRRR. You may be surprised at the positive results you get. No hurt in trying. Robert
I'm a little confused here. GMAC Mortgage and GM are the same company?? Also, I am supposed to tell them I am looking to qualify for a car loan and a mortgage through their company when I already have a mortgage through them?? I just want a little clarification on this. Thanks!
Well General Motors has a credit card division, mortgage division, auto finance division, investment services division, and of course I think they sell some cars too Speaking of finance, I once heard that the most profitable division of a well-known car company was it's loans division. The actual automotive division was dragging the rest of the company into the red. Ok back to the question... all these divisions of the company have managers. One guy doesn't oversee everything. Writing to upper management in a company, for the main co as well as that particular division, could get you results. Sorry about my misunderstanding of your post. If you already have a mortgage, how sweet...if they won't remove the late then threaten (nicely of course that you will go refianance with someone else. How recent was the mortgage? If it was a few years ago that would be taking away a good account. Make them want to loose you as a customer. If you speak with unsympathetic supervisors and don't get results with letters, then give them one last chance to save you as a customer. If they simply won't make a goodwill adjustment then try to refianance with someone else. And lastly, state in the letter that if you don't get the results you are kindly requesting, you will never buy from them again AND you will tell 10 of your friends of your experience. If that doesn't motivate them to make the adjustment, nothing will.
Thanks for clarifying. My mortgage is 4 years old. I have been on time with the exception of a 6 month period where I was 30 days late. I have been on time for the past two years. Well, I guess I have some more writing to do! Thanks again.
http://www.gm.com/company/investor_information/stockholder_info/corp_gov/officers.htm# Here are their corporate officers. Doesn't list emails, but it's usually pretty simple to play around with names and initials until you get it right. It should be <email>@gm.com or something like that. You can also post something on planetfeedback. I heard it can get results sometimes. Or if you know someone, get a sob story on local news during one of those scam or evil corporation segments.
Christi, Although I would point out that a goodwill adjustment as far from ILLEGAL, I sure would NOT send a copy of the FCRA. That's not the way to make friends and influence people. BTW - Be sure to visit this thread; http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&pgnum=1&postid=283269#post283269
