My mortgagecompany issued me a moratorium for 4months (postponed payments)due to hurricane Wilma. This Hurricane displaced us for a couple of months and caused an extreme Financial hardship. The mortgage company(Wells Fargo Home mortgage) has on their records that they will not report any late payments and/or there will be no negative credit reporting.However, after i sent the payments and checked my credit report they indeed reported 120 days late payments to the major credit bureaus. When i talk to the represenatives they indeed see the notes about not repoting late to the credit bureau and even waived every late charge,but are adamant about not removing the negative reporting. I was a loyal consumer and my lateness was due to "acts of Nature" beyond my control. Initially the moratorium helped our family, but in the end it has really hurt my credit worthiness. I am having difficulty securing another home loan (sold previous property)because of the negative reporting. What can I do?
135346
Contact your Wells Fargo and make sure it is corrected since what you went through with the hurricane, let them know that they need to clean the report up and also get it in writing. Also I would contact the credit bureaus and let them know exactly what happened and I would almost bet they will help you. Sorry about all you went through...K
597351
They are a collection agency. One of the worst.\n\nYou may have had an account that was charged off and sold.\nIf you have not had an account go bad and sold, then it isn't yours. Which is almost as hard to remove as an account that is yours.\n\nIf you discover that it is your account, you need to find out what the statute of limitations (SOL) are in your state. If you are out of SOL on the account you can really persue this hard. If you are still well within SOL, tread lightly. \n\nAlthough they have already violated your rights by placing that account on your reports without first notifying you of the debt, (which they are known to do) they can try to sue. That's why "anything" you do about this, keep a very detailed papertrail. If they should sue, you will have plenty of counterclaims against them.\n\nSend LVNV a debt validation letter. Send it certified mail return receipt. When you get the green card back (and you "know" it is not your account) send the credit bureaus a letter that it is not your account and it has been placed on your reports in error and to please delete this damaging account.\n\nIf you find it actually is your account, send the credit bureaus a dispute. Pick a couple errors out that is on that tradeline (theres probably quite a few) and base your dispute on those. \n\nFor example: they are listing the tradeline as open with a past due balance (violations)\n\nTell the credit bureaus in your letter that LVNV is violating your rights by listing an inaccurate account. They are claiming that it is an open account with a past due balance. Please correct this or delete this account.\n\nMore than likely LVNV will verify before validating with you (another violation) and you will have to go through all of it again.\n\nIf you are out of SOL, after going through this process several times, you should file complaints with the FTC, BBB and your states attorney general.  \n\nIf you discover that it is your account and if you want to pay it, be sure to send a debt validation letter (CMRRR) After they have "properly" validated the debt, send a pay for delete letter. \n\nInclude in that letter that they will delete the account after receiving payment, that they will not continue to collect the debt, that they will not sell the debt or the remainder of the debt - if they agree to being paid only a percentage of the debt (which you should also request)\n\nI would recommend clicking the first link and reading on how bad this company really is.\n\nI would also recommend checking out the second site that I have linked and do some reading. \n\nLearn and use your rights.\n\n\nedited to add: When disputing with the credit bureaus, do not use the free FACT-Act reports. Using those gives the credit bureaus an extra 15 days to complete their investigation. Which could make the difference in the account remaining instead of being deleted. Order your paid reports from each of the bureaus. \n\nDo not order a tri-merge report either, those are often inaccurate.
151895
Yahoo just had something on the homepage about devious "junk buyers" buying old debt for pennies on the dollar and then trying to make you pay even after the statute of limitations had passed-I know there is limits but as to what they are I can not 100% tell you.  \n\nAnd actually it is never 'removed' from your credit report, but companies only 'pull' a 7-10 year history, so it does not show, the debt is always listed on the report, so it never really disappears, just hanging out in old debt land, and if you go for a Senate Hearing or something they will pull it up.\n\nThe report said something about the basement buyers buying the debt and then reporting it as a 'new' debt to get it back active on your Credit Report, which is against the law.  The report also said they target those that paid some debt, because they were more worried about the ramifications of the credit report.  I will research and see if I can find the article-it was an informative read.
404950
Are the lates on the mortgage?  If so, the 60-day is what is killing the 85%.  Unfortunately, I don't know of any lenders that would be willing to do that LTV either.  Have you tried hard money lenders?
484046
You should file an answer with the court that argues that the Statute of Limitations expired on 7/14/2006 and therefore the lawsuit is barred/not timely.\n\nYes, you have a chance of getting it dismissed.   The date of last activity should start the clock ticking on the 6 year term.\n\nWas the credit card issued while you were in Michigan?\n\nEdit: If the amount is significant I would highly recommend you get legal advice from an attorney in Michigan.\n\nBTW, when you made your last payment on 7/14/00 did that bring your account current or were you still behind at that point?\n\nFollowup:\nYou should stick with the story that you've had Indiana as a residence the entire 6+ years.  \n\nIf you were overlimit as of the time you made the last payment you have a stronger story that it was not only the date of last activity but you had been in default on your credit card agreement for some time prior to that.\n\nI would again urge you if it is a large sum of money to find an attorney to provide you with legal advice so you don't get run over in court.   Most attorneys will give you a free consultation.\n\nDo not admit to the debt being yours.  Make them prove everything.  Deny that they are entitled to late charges, interest, attorneys fees, collection costs, everything.  If you don't challenge something the court will take it to be true.  Deny that the amount owed is correct, make them produce copies of your statements showing the charges.  Make them produce your original, signed account agreement.   Deny, deny, deny.  \n\nIs the original bank suing you or is this some collection agency that purchase the written off debt?  If it isn't the original bank there is a good chance they can't prove anything and are just hoping you don't show up in court.\n\nDo not agree to any delays.  It is common when a collector goes to court they are hoping for a default judgment and when you show up they ask for a delay.  Insist that you came to court prepared and the other side should have as well.
563925
There is probably a state law that says you cannot be penalized for being 15 days late, but that does not mean your payment is on time. It is late it if it is due on the 1st of the month and not received by them on that date. And payment means payment; a personal check is not payment\n\nIf you are 3 months late, they will start foreclosure, and they don't have to wait 15 days for the 3d month because your most recent payment due is well over 15 days late.\n\nThey can also report it to a credit reporting bureau as a late payment.\n\nToo many people confuse a grace period with a do-not-have-to-pay-by date. Taint so.
78759
Generally, credit card companies and banks will look at the last 12 months of history, If they are looking any farther back, they should't.  Comapnies ussually report every three months or so, sometimes more.  Let me give you an example of what a credit card report looks like and i'll go over what it means to them:\n\nCAP.1\nOpen date: 12/03 last reported date  3/06\nHigh Limit  1000   Balance  850    Remit   10\nCCC1CCCCCCCCCCC2\ntype of account Credit\nThis account is in good standing \n\nBnkOfAm\nOpen date: 10/00  last reported date 1/06\nHigh Limit 22500  Balance 15650   Remit 400\nCCCCCCCCCCCC\nAUTO LOAN\nThis account is in good standing\n\nThis is kind of what a report will look like,  They will give the creditors name, The ammount of money that is allowed on the accound or the total loan ammont, next is how much is left to be paid, the next is how much you pay a month (REMIT) The line of "C'S" is where the good stuff comes... the c's mean that your account was paid for that month, when you see a 1 on the account it means that you have paid late once in one month, meaning that you might have paid a couple of days late, if you see a 2, that means that you have paid twice late in 1 month, which means that you missed one month and you paid the next month late.  about 75% of your credit score is based on payments, the rest is generally for ammount of credit cards in high limit, length of time of your open account, how many accounts you have open that are unpaid, etc, etc.  If you waut about 6 months and do nothing but pay your bills on time, you should be in the 600's the lowest score that you can get is 350 the highest is 800... a 600 score, is okay, but not great, you may not get all the benifuts of a 750 scored person.\n\ngood luck hope this helps.\n\n\n\n\nsorry!\niquiries only show up once on a 5 MONTH basis, like lets say if youre applying for a home loan, if you appply of rthe same type of loan 18 times, it shows on your report but it only affects your credit by like one point, but if oyu have multiple inquiries for different things, like auto, home, credit cards, H.E. loans, it may effect it more.
311585
I have been working in the mortgage industry for about 4 years now. Let me tell you up front, in all honesty, it's MUCH more difficult to work with someone who has a previous bankruptcy than someone who doesn't, even if both customers have the same credit score! From a lenders point of view, when you have a bankruptcy we automatically downgrade your credit grade even if you're credit is restored and you have a 700 score. Normally a 700+ score would place you in an "A+", "A", or "A-" credit grade depending on a few things such as mortgage payment history. However, when we see a bankruptcy less than 7 years out, we will bump you down to a "C" credit grade or less. Which means you won't be able to obtain maximum financing. Most lenders max out at 80% or 85% LTV (loan to value) with "C" credit grade / bankruptcy. That means if you wish to purchase a $100K house, you would only be able to finance $80K or $85K of it. There are lenders out there that will still lend to customers who may be even one day out of discharge, but you're going to get raped on the rate. It's always best to avoid bankruptcy at all cost! If you have to do it, look into filing a chapter 13. Filing a chapter 7 is basically like throwing up a big middle finger and saying I'm not paying anyone any money. That's why it has a 7 year period. In all reality though, I still have customers come to me that had a bankruptcy more than 7 years ago and I STILL see it on their credit report. Chapter 13's typically last anywhere from 2-4 years, and in a C13BK you work to pay back negotiated amounts. This will always look better than paying back nothing at all.
650671
She should speak with the current mortgage lender regarding a "Short Sale".  This type of transaction is used when the house sells for less than the mortgage owed.  Yes, the difference must be paid back.  A payment schedule is created by the bank.  It is a better option than bankruptcy - but will still effect her credit score (or anyone else's score that is on the loan).  However, most people who have a short sale are still able to buy another home (while bankruptcy could proclude one from doing that)
253160
Here is how the game is played....\n\nIf you pay off your debt, you still have to deal with that negative report on your credit.\n\nPlacing "paid" on it does NOT remove  negative information such as late fees or that it went to collections.  Those who tell you otherwise are lying or ignorant.  I've counsoled many, many people who made the mistake of paying off debts, hopeing to get their credit improved, only to see it barely helped at all.\n\nThe ONLY person who can edit/delete credit information is the creditor to placed that information there.  And it's very unlikely you will get their cooperation once you have paid the debt.\n\nTherefore, before you pay them a dime, get IN WRITING that they will remove all negative information from your credit report.  Don't pay them a dime unless they do!\n\nRemember, you are trying to fix your score.  Why pay them if it's not going to help you out?  \n\nUse the sample letters below and write a negotiation letter.
454030
With years in the business:\n\nNo.  You can pull your credit as much as you want through a pay site (or www.anualcreditreport.com) and it will not affect your score.  You will actually be able to see three different sections of credit pulls:  1. Pulls that are public and affect your credit, 2. Pulls that are by your current creditors to monitor your credit and that are not public, and 3. Marketer's pulls and your own pulls that are private and only viewable by you.  \n\nOnly the public pulls affect your score.  The three items above are not in order, and some under number 2 can appear as public, depending on your creditor.  Generally, however, you only get a hit when a pull occurs.\n\nAlso, the affects on your credit due to credit pulls are generally overstated by most people.  Unless you are going to open 10 new accounts in one week, a pull here and there will not drastically decrease your score.  The idea here is that if you open may new accounts, you are getting desperate for credit are are more likely to default on it.  With a big (non-mortgage) cluster, you could be going gang buster before filing for bankrutpcy, or something along these lines.\n\nAs for mortgage pulls, you have a 15 day window to have numerous mortgage pulls before your credit decreases.  However, use caution, as I have sometimes seen many mortgage pulls to affect a score by 5-10 points, even though it is "not supposed to".  I think this may have to do with they way the company is coded by the bureaus.\n\nIf you miss one credit card payment, talk to your credit card company about it.  If you were less than 30 days, it likely wasn't even reported.  If it was, they might be willing to remove it under extenuating circumstances - but don't hold your breath!\n\nIf the late payment is already on your credit report, it likely won't have a bad impact on your scores if you have other longer-term established credit.  Also, and very importantly, the affect it has on your score dramatically decreases with time.  By one year out, it's impact will be much less than when it was a current late.  After 2 years it will only have a signifigant impact if you have other bad debt.  Overall, if this was 2 years old and your score should be 750, it might only be 725 or 730.  If you score two years out is in the mid-600's, you'll need to pay attention to paying the other debt down.\n\nGood luck.
177719
Yes there is, but there are things that you need to provide to the mortgage company for a rapid re score of your FICO score. If you see an item on your credit score that was reported in error, you need to contact the creditor to dispute that. If the creditor accepts the fact that the item was recorded in error, they will issue you a letter that they will correct it. Once you obtain that letter, you need to present it to your mortgage lender to have them re score your FICO. For example, I was able to re score a client of mine that had a 671 FICO, to a 700 FICO by re scoring him after he obtain the letter. It took him 15 days for the process and 72 hours for the re-score.\nIf the items that are reported negative are correct, then your going to have to establish more credit to off set that one item. If your looking for a more competitive mortgage rate, and depending on where you live. You might want to look at government programs and state bond programs. Hope this helps, e-mail me if you have any further questions.
265279
not every lender reports to credit agencies...plus there are 3 agencies...did u check all 3?  \n\ncall to find otu which one they report to and if they dont ask them for a record of your payments.  then tell them "does this mean I can NOT pay you and nothing will happen if you cant find the car?"
96308
If you were paying the payments on time then paying off your loan will probably have very little effect on your credit score, positive or negative.\n\nYour question is about Credit Reporting Lag, the time from when you pay off(down) a revolving account or pay off a loan to when it is reported on your credit files. The time frame can be from 30-90 days with the average being about 60 days.\n\nGood Luck
501873
They are not going to report to the credit bureaus. But you can ask for a letter of reference from them.\nIf you do not have enough credit some creditors may use letter of references from your other creditors that do not report.\nThat includes you house phone, electricity, and gas bills.\nAnd if you have not looked at your credit report, review and you can go to www.annualcreditreport.com if you have not already done so.\nHave fun and good luck.
527543
Paying off the card will not clear the negative data from your credit. It will change to show 'paid off' but the missed monthly payments and collection activity will remain reflected on the report and affect your overall credit score. Unless...you are able to make a deal with the card company for a full immediate payoff if they agree to ask the info be removed from your credit report (and get it in writing first). If you need something immediately, it makes no difference anyway. Even if you can make a deal with the card company, it will be 3-6 months before your report is cleared. Myabe you take the high interest loan now and re-finance later?
549203
Your credit score won't be affected unless you make late payments.  You're okay.\n\nGood Luck!