Status on Credit Report

[MissTcal]

I was considered past due on my mortgage payment and recently brought it current. My status on my credit report now reads: "Current...but was past due 60 days". Should this be allowed to be entered like this? Would this not still be a negative listing and hurt my score? I have a conference call with the legal department on Tuesday at 1:00 because of actions on their part (escrow issues) that made my account show as delinquent even though I made my payments on time. I need to know if I should address this status reporting with them as well. Thanks!

[Ravenous Wolf]

According to the Merriam-Webster dictionary, the word HISTORY is defined as:

1 : TALE, STORY

2 a : a chronological record of significant events (as affecting a nation or institution) often including an explanation of their causes b : a treatise presenting systematically related natural phenomena c : an account of a patient's medical background d : an established record <a prisoner with a history of violence>

3 : a branch of knowledge that records and explains past events <medieval history>

So yes, as defined by the dictionary, the entry for 60 days late is pretty accurate. But in all seriousness, that is why they call that factor "credit history" because it is a history of your credit transactions. It has nothing to do with what you are doing right now but rather, it is what you did in the past...

And it is not a negative trade line although it does hurt your score (its negative impact diminishes over time). In fact, any time you are late in making your payments, it hurts your credit score. That is why you are encouraged to make all of your payments on time.

[credit_junkie87]

My report also has a similar statement... a late payment will haunt you for upto 7 years. It's worth a shot asking them to remove it though.

[MissTcal]

Thank you both. I will give it a try when I speak with Legal. After all, it was their accounting mistake that caused the late payments. They applied a partial of my payments to an escrow account that did not exist and had me coming up short on my scheduled payments. They actually owe me a refund. Thank you again!

[breathing_easier]

Be firm when dealing with them about the '60 days late' issue since it was their fault and not yours that the account was considered delinquent. My best guess is that after you point out that they are violating the FCRA they will correct the TL. Good luck.