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LINDSAY M | I was late on my mortgage payment... can my mortgage company remove this? Would it be legal? |
I was late on my mortgage payment (biggest mistake EVER!!) I have been sending letters to them for months, trying to figure out how to remove the "late" on my credit.
They keep sending me the same letter stating, "...to alter the reporting would be in violation of the Fair Credit Reporting Act..."
I went online to the FCRA and tried to find any info stating that a company couldn't remove a late mark... I couldn't find anything... is this true? Can they not legally remove the mark, or do they just not want too?
HELP...
thanks,
Lindsay
Additional Details
Thank you for your answers... but I am asking if it is LEGAL for them to say this? |
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financedoctor
|
If you were actually more than 30 days late, and it was no fault of theirs, they legally do not have to remove it. If you were less than 30 days late, but were more than 15 days late and had to pay a late fee, so long as it was in before the 30 day mark, you are fine and shouldn't worry about it because they shouldn't have reported it late. Some people think that just because they were late on their grace period that it will be a bad mark on their credit and it is not.
The only way I have seen anything ever get removed that they don't rightfully have to remove is by working through the big 3 bureaus (trans union, equifax and experian) and having them request verification of the late. By law, if they don't respond within 30 days with an answer from the company, they must remove it from your trade line. It's a lot of work and I don't know what your current situation is, but it may or may not payoff. If you have a fixed rate mortgage and are not looking to move or refinance in the next 12 months, I would relax and not worry about it. If not, keep asking because the worst they can do is say no.....
Good luck! |
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Budlightgurl
 |
You missed a payment, they marked your report. That's just how it goes. If its legit it won't be removed. Yes its very legal for them to say that. |
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odette_sheraton
|
Unfortunately, if the payment was received late ( usually 30 days after due) the companies report it to the credit breau.
The mortgage company and the credit breaus won't be able to remove the late reporting leagally unless it can be proved that there was any type of error in the filing of the document, in which case it would be erased. But this is unlikely. |
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quizzard123
 |
It's not a matter of legality, really. I can't answer if they have a legal requirement under the FCRA.
However, they will have an agreement with the reporting bureau that states the terms and conditions under which it operates. THAT will require them to report fairly and honestly, or they would risk losing their rights to use the bureau.
In addition, they would potentially be liable for damages to other lenders, if they should decide to loan against an incorrect report. It's a form of fraud, basically.
Think about it. The whole credit industry is based on the credibility of the reporting bureaus. If it became practice to lie on the reports, to submit false information (that is what you're asking), then nobody could trust anything in there. Then we'd be back to the times when the only people who would give you credit (if anybody) would be the local bank in your town, who knew you personally. Trust me, that would be worse for you than this one small mark on your credit.
So it isn't going to happen.
You made a mistake. It happens, and the banks know that. Accept it, recognize that a single instance won't make a huge difference to anything, and move on. |
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Gertie
 |
they are lying to you THEY CAN CHANGE ANYTHING REMEMBER THEY ARE THE ONES THAT PUT IT ON THERE AS BEING LATE they just dont want to. if you have ever made a late payment what you would usually do is pay your payment on time for 6+ months then contact them in writing asking them to update the late payment since you have been paying on time. It's obviously up to them if they want to update it or not. |
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porcelina_68
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They do not have to remove the mark. It is there in case you attempt to apply for credit. It is a payment history. |
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FTG!
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LATE IS LATE.
It is a FACT and should NOT be removed.................... |
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misskate12001
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It would make sense to keep the violation on. They need to establish and maintain a payment history.
Sort of like having 3 strikes in baseball. |
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hot_lil_navy_wife
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the mortgage company is correct. the late payment will stay on your credit history for 7 years or for as long as you have the account with them. the up side is loan servicers usually sell loans quite frequently( ours has been sold four times in 2 years) so once its sold you should have a clean history with your new mortgage company. there is also companies that for a fee that will wash your credit history and improve your credit rating. i am not sure how it works but our buddy did it to get financed for wedding rings and he said his rating improved 150-200 pts. |
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bigmikeumpire
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First of all your payment technically is not late until it is 90 days past due....is that your case??? One late payment on any debt is not going to wreck your credit......98% of every person in the US is late on a payment at one time or another........Dont make a habit of making late payments......like I said if this is your only late payment do not worry about it at all........been there and done that!!! |
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