I've got a letter from a creditor that says my account is paid/never late. What's the fastest way to get it switched on all three? Can I fax it to them or to a service to update all three CA's? Getting this done in 7 days means the difference between a 7.5% mortgage and a 10.5% one. Please help! Dancer
It seems like showing the mortgage broker it was paid should work. I'm not sure what the point difference it will make. I know people who have had to pay a certain debt for their mortgage and simply showed the proof to the lender and they accepted it. As far as getting it updated fast...good luck. If YOU want it updated fast, they will claim it can take up to 90 days, if it doesn't matter or it's negative they can update in about 3 seconds..time to hit that enter button.
Thanks Christi. I agree that the letter should solve the problem but the lender is working solely off the score to determine the rate for the mortgage. I'm at 594 (Equifax) and 590 (Experian) with an old 1-time 30-day late mortgage appearing in the negative column. With this letter, it'll switch over to the positive as a paid/never late and (along with a couple of inquiry deletions) break the 600 barrier, which will get me 3% off the mortgage rate. Unfortunately, I've only got a week to accomplish this. I remember reading a post about a way you could update all three in 72 hours using the tri-merge system and a memo on the creditor's letterhead to get this done fast but I can't find the post. Does anybody else know of a way? I appreciate the help. On another note, I had to declare CH 7 last year due to both parents being hospitalized without insurance. (Sh*t Happens, and it usually happens to me.) Anyway, I've got a auto loan with American General Finance with a $1200 balance that got erroneously listed as "included in Bancruptcy", I'm current on it and have never been late, but I've never reaffirmed it. I can just continue paying on it or reaffirm and continue paying on it. The difference is, it'll then drop off the negatives, switch over to a "paid/never late" status in the positives and boost my score. Will the fact that it's with a Finance Company hurt me more than the fact that it's now listed in the negatives as a paid/never late/included in bancruptcy? I really appreciate the help. Dancer
Seems to me I remember some posts back in May or June of last year regarding a lawyer or business that does "rapid rescoring" for those seeking mortgages and having little time. They are the liason with the CRA's and Creditors to get everything updated very fast. I think Marie may have originally posted the info. Do a search here and see what you come up with. If I recall the company was out of TX somewhere-perhaps Dallas(?).
I appreciate the replies and I found the posts, Thanks. Does anybody have a good guess as to whether the finance company account would hurt me more as open vs. closed in bancruptcy? Thanks again. Dancer
What do you mean, "tri-merge system" ?? There's no such horse. Each of the CRA's are complete and separate companies/entities and have separate data, maintained by separate folks. There is no "tri-merge system". You might find some company who has direct access to all three (agents for the CRA, etc.), or a mortgage lender who has access to one or more, but it's not common. Unless you find someone with direct access (i.e., the last lender I went through used a credit reporting company that had direct access to my files and could update then rescore), you're at the mercy of Equifax, Experian and TU. By stroke of luck, I have seen items updated in a matter of days (by my direct contact, dispute and fax of proof), but only once that I can remember. It's a big machine, and it takes longer than 7 days to update your history at any of the CRA's (generally).
The best way to prevent problems like this is to outlaw the use of scoring.In the mean time consumers should refuse to buy products that are priced based on a credit score.If enough folks did that it wouldn't take long for them to come around.
Dancer, you might be able to get away with taking this letter to your lender. Often times they just want correcting documents in case they have to defend their position on why they gave you a certain rate or a loan to the board. You can try faxing it, but from what Equifax told me...it can take them five days to even get through their fax department. I have had some luck by faxing it everyday and asking why it wasn't done yet...lol. TU and EX were the fastest, but EQ FINALLY updated! Good luck! L
To support them with our business then complain when we aren't treated right but still continue to patronize them just doesn't make any sense.This kind of apathy is why they're pulling this s**t on us.
If you applied at 7.5 and get offered at 10.5 BUT dont take the mortgage, you could have some damages to sue for.
Actually, the company involved is "hooking me up". The lawyers involved when I sold the house didn't disburse until it was 30 days late. So the report was accurate. The old mortgage company agreed to change it based on a simple phone call from me so they're doing me a favor by changing it. I certainly don't want to get in a urinating-for-distance contest with them after they helped me out without a fuss. Thanks for the idea though. Dancer
Some people just don't understand, Dancer ... You are right -- you have children to take care of and put a roof over their heads. Playing the "boo-hoo don't do business with them" game is fine, but if you are in a situation like yours, you are exactly correct -- you need to do what you need to do! lbrown59 thinks it's better for you to live on the street -- just to prove your point to some finance company -- than to house your children. That's stupid. lbrown59 says "outlaw scoring". Great idea, Brown! Then you've all but eliminated the possibility of getting a mortgage in a decent period of time. What, do you think the mortgage lenders should just take your name, your driver's license and your good looks and then fork over $300,000 for a home loan when they don't know jack about you? Ohhh, suurrrrrrre -- whatever. Let's just dole out millions of dollars based on -- what -- intuition ?? Scoring has it's place. Sure, it has flaws, but it has it's place. Maybe we should outlaw internal combustion engines and just walk everywhere, too.
RE:"outlaw scoring" I think there is SOME merrit to his point...when you are DENIED a MORTGAGE or CREDIT CARD based only on a NUMBER...and NOT on 24 years of perfect payment history...SOMETHING IS WRONG!!! I have been DENIED too many time based on a NUMBER~~~NOT INCOME~~~NOT PAYMENT HISTORY...
Frankly, if you have a good mortgage broker they should be able to do this for you. Mine did for my brother. I am sure there is an expedited reinvestigation process and I think it can happen in 72 hours (they do this for mortgages). I don't know how to get it started. Certainly you have all your reports so call each credit bureau and either get it corrected then, fax the copy, have them call the creditor... and if the rep won't do it, talk with a supervisor. Be nice but firm. Let them know that you have been positively told it will make a 3 point difference on your mortgage and that if the bureau stands in the way you'll sue them for the 3 percent difference... on a mortgage that's a lot of damage... push them and if you get told no, keep pushing and/ or calling back until it happens. they have a fax number for a reason. also, there is a way your broker can correct it with the company that they pull the trimerge from... but again, if your broker is worth their percentage commission they should be doing this for you...
