I am having issues with my mortgage company. They are refusing to report my mortgage payments to the credit bureaus. They do not even report its existence. This is making it hard for me to refinance. Is there any legal grounds for me to demand reporting?
What are the reasons given to you by them for not reporting to the CRAs? Just ask them point blank - Why TF are you not reporting my account? Is it a fairly new account - 6 months or less? Is Countrywide the holder? They're in the process of being taken over by Bank of America, and their computer systems might not yet be in "sinc".
Don't have to They have said they do not have to. It is their choice. I have had the account for over two years now.
They are correct. There is no requirement to report, only that if they do the information must be accurate. You can't make them report. Is this a small mortgage company? Most of the major ones would report. See if they can at least give you some sort of statement that you've paid on time for x number of months or years.
not small - but a mistake haunting me It is Walter Mortgage Company. If they can pull a report I think they should have to report. I found out after getting into my building contract about the problems with the company. I have been fortunate with the house. The problems are the mortgage side. I am trying to refi, to get away from this company and this is how I learned of my credit issues. I am trying to get them under control. Disputing a few things. But in this process the gentleman that I am speaking with has said my score would be higher if they would report and that they are required to report. Maybe its a Texas thing? Is it possible that by Texas law they have to report?
No, reporting is simply voluntary period. They can have a permissible purpose to pull your reports, but they are still not required to report. Its not a TX thing, its a federal thing.
Check out prbc.com ... if you're paying someone who doesn't report, won't report, you can funnel your payments through a third party who will report. It takes time, but it can change the game in your favor. Also you can use payments that don't report if you can document them and the underwriter is willing to use them. It's not customary, but Freddie Mac rules, for instance, do allow them. Look at chapter 37: http://www.freddiemac.com/sell/guide/ I would assume that Fannie Mae also allows them. These are the two outfits that buy most of the conventional, conforming financing out there, and that's important because most places you go for a mortgage aren't going to write any loan they can't sell (and those who do write loans they don't sell are like Walter, or Fairbanks, or any of the other scumbags you don't want). They're close to being "hard money" lenders--sharks whose sole purpose in lending is to foreclose and get hold of the property if they can.
not the answer I like PRBC.COM - checked it out some on their site and am really not comfortable with that. They state straight away in their faq's that tey do not report to the 3 CB's. Why would I sen them money if it isn't going to help my scores? I am going to continue work on my scores and then re-fi when possible.
