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Mortgage company sends bogus letters


rjdawson
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I often pay my mortgages near the end of the month, (bad I know), but always make sure they are not 30 days late or more.

Lately one of my mortgagees has been sending me letters on the 21st of the month stating "WE HAVE TOLD A CREDIT BUREAU ABOUT A LATE PAYMENT, MISSED PAYMENT, OR OTHER DEFAULT ON YOUR ACCOUNT"

I confirmed with them that they received my payment on the 24th, and that no negative information would be given to the credit agencies.

When I confronted them about sending me this letter with false information they just said "that's a standard letter we send out".

Can a creditor tell you they've reported (in the past tense) negative information when they in fact have not?

Rick Dawson

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They may not report it as "30 days late", but on a subscriber report they can simply comment it as "paid late" without specifying a time. As long as it is true, they can do this. It may not affect your score, but a lender who does a complete evaluation of your credit report will see it and take notice. Most likely this will be noticed if you try to refinance your mortgage or go for some other big-ticket item, such as an expensive car or a business loan.

Be careful about paying after the grace period on mortgage payments. This can hurt your credit rating tremendously and a lender can decline credit even if your score is not being directly dinged by the short-lates.

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It's called a "subscriber report." These are different from the disclosures the CRAs send to consumers when you want to look at your own report. A subscriber report will show "soft deletes" (Items that were supressed not to show on a consumer report, but are not actually deleted) where as a consumer report will not. Subscriber reports also can show comments made by the furnisher on your account that you would not see on a consumer report.

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It's called a "subscriber report." These are different from the disclosures the CRAs send to consumers when you want to look at your own report. A subscriber report will show "soft deletes" (Items that were supressed not to show on a consumer report, but are not actually deleted) where as a consumer report will not. Subscriber reports also can show comments made by the furnisher on your account that you would not see on a consumer report.

So, uh isn't this ilegal ? aren't they suposed to furnish a report that contains everything in your file for review? How in the world can we combat this if we don't have all the facts? Let alone know if all information is correct.

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It's a good point and a loophole int he law. I've read and re-read the FCRA dozens of times and I've found no requirement that the report furnished to the consumer has to be exactly the same as what they give subscribers.

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§ 609. Disclosures to consumers [15 U.S.C. § 1681g]

(a) Information on file; sources; report recipients. Every consumer reporting agency shall, upon request, and subject to 610(a)(1) [§ 1681h], clearly and accurately disclose to the consumer:

(1) All information in the consumer's file at the time of the request

Yes? No? :?

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