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Thread: Help-- Error On Credit Reports

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    #1

    Help Help-- Error On Credit Reports

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    My husband and I are trying to be preapproved for a mortgage in order to buy the house that my step-dad just flipped. Well when the mortgage guy ran my credit he saw that TD Bank claimed I've had a $575 delinquency since 2009! I was much less financially responsible in college and that card did go delinquent but was settled and paid in 2009. My mom located the letter stating that the account was cleared from November 2009 and I called TD and spoke to an agent who said they would rectify the problem and it would be taken off my credit report.

    Almost two months later, it is STILL showing as delinquent on my credit report and because of it I can not be preapproved for the mortgage. I'm so frustrated because I've done everything right financially for so many years and an error on my credit report is holding me up.

    Today I wrote letters to each of the credit agencies, as well as, sent them my credit report and the letter saying that TD was paid off. I have no idea how this will be resolved or how long this will take but at this point it could cost us this house.

    Any advice or similar experiences??
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    #2
    I had that problem with my credit and my student loans. When I consolidated them all, it ended up putting it on my credit twice doubling the amount of debt I had. I flipped and called the credit agencies and the loan companies. They fixed it, but took 90 days to reflect the change. Sorry, If they don't take it off, you could file a dispute with each of the reporting agencies and send in the proof with it. That should fix it, but might take a while.
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    #3
    you did what you can do, the Credit bereau now has 30 days to investigate the possible error, and unfortunately the credtor then has 30 days after the decision to clear your report, so your looking at 2 more months at least before it will be resolved.
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    #4
    it normally takes about 90 days for the credit bureaus to show the update/change. Even if you send them the letter and the proof that it was paid, it will still take 90 days.

    Many banks will accept the letter you have from TD Bank and proceed with the pre-approval, but it is at the banks discretion. You'll just have to wait it out.

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    Dispute it with the credit agency directly and provide them with a copy of the document showing the account was paid. They will contact the bank to clarify the status. You may also have to provide the settlement agreement that was negotiated unless it was actually paid-in-full. Are you sure the report doesn't say the account was previously in arrears, is closed, and settled-in-full? An account doesn't disappear when it is paid, just states the missed payments and shows it is closed.

    If the bank continues to drag their feet file a complaint with your state attorney general stating that the bank is reporting a false delinquency, you contacted them to correct on x date, and they still have not corrected the problem. That will escalate the issue at the bank and can be the quickest way to resolve it directly. BBB also works but I don't think it is as effective personally. I hope it all gets fixed quickly .
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    #6
    Does anyone know if there is a way to expedite the process because even though my credit score is high enough to prequal for the mortgage, it wont be approved bc of the delinquency...
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    It you call and escalate the issue demand that they to issue a bullet report to all credit reporting agencies. That should remove the information in 24 to 72 hours, at least that is what happened with my report. You just have to remain calm and continue to state why they are in the legal wrong. Since all the calls will be recorded how you handle yourself will reflect on how they treat the account.
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    #8
    Quote Originally Posted by Liz711 View Post
    Dispute it with the credit agency directly and provide them with a copy of the document showing the account was paid. They will contact the bank to clarify the status. You may also have to provide the settlement agreement that was negotiated unless it was actually paid-in-full. Are you sure the report doesn't say the account was previously in arrears, is closed, and settled-in-full? An account doesn't disappear when it is paid, just states the missed payments and shows it is closed.

    If the bank continues to drag their feet file a complaint with your state attorney general stating that the bank is reporting a false delinquency, you contacted them to correct on x date, and they still have not corrected the problem. That will escalate the issue at the bank and can be the quickest way to resolve it directly. BBB also works but I don't think it is as effective personally. I hope it all gets fixed quickly .

    Thank you. My credit report reads that the account is in a "delinquent" status even though it was settled (not showing it as a past delinquency but as a current one). I provided both TD and the credit bureaus with the letter stating it was settled and paid off and TD says they corrected the error on one of the credit agencies and the other two will follow suit and update the status but according to the credit reports me/ the mortgage guy have been pulling it has yet to change on any credit report.
    The mortgage guy is saying TD needs to rectify it, TD is saying they did and I need to contact credit bureaus. I wish he could make a notation saying the error is being rectified so I could move forth with the process and my credit score is okay despite the error but I guess his system wont allow pre-approval until the delinquency is removed.
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    Quote Originally Posted by Liz711 View Post
    It you call and escalate the issue demand that they to issue a bullet report to all credit reporting agencies. That should remove the information in 24 to 72 hours, at least that is what happened with my report. You just have to remain calm and continue to state why they are in the legal wrong. Since all the calls will be recorded how you handle yourself will reflect on how they treat the account.
    Thank you for the advice!
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    #10
    To my knowledge there isn't any way that you can escalate it. You've already escalated it by sending them the information. The bank should move forward seeing that there is proof it isn't delinquent. I would try a different bank, especially if you credit score is still high enough to qualify.

    But, there isn't anyway you can expedite it more than you already have.

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