Welcome To The 49th Bankruptcy & Debt Carnival!

Aug 10th 2009

*Posts presented according to subject*
Ben presents Market Capitalization: An Overview posted at Money Smart Life.
Debt Freedom Fighter presents The Correct Way to Report Cases of I…

You may want to send them a certified letter, return receipt requested, that way you’ll have proof that it was delivered to them. It will only cost a few dollars and who knows, maybe for some reason they really never received your fax instead of it just being lost within the company somewhere. If you send something certified mail you’ll know for sure it got there and the error will be on their end.

First, keep detailed notes on every conversation you have and document names of the people you speak to. If they put you on hold to speak to a supervisor, ask for their name too.

Second, make sure you dispute this with the three credit bureaus. If they dont get it resolved, you can add 100 word statement to your report explaining the situation.

Good Luck!

Disputing with the credit bureau is one avenue, and I would take this approach is there was some sort of error, of it there was some item that I wanted to remove completely from the report. This can be a slow process, and while it can be done by the consumer, there are companies that can help with this process. If you’re trying to clean up a bunch of items, it might be in your best interest to find one of these companies. Be careful, and make sure you find someone that is reputable. I’ve done consulting and business development work for some of these companies in the past, and I’d be happy to point you in the right direction.

HOWEVER, in your case, it sounds like this is an isolated tradeline (account) on your credit report that you’d like to update. This can be done, in many cases, much easier through the company that the bank pulled your credit through. There are many companies that banks and lenders use to pull credit through. Most of these companies provide other services such as income and fraud verification services. They also usually provide credit report updates. If you provide proof, or conference call with the creditor, they will verify the validity and update the account status. Then, they’ll instruct the lender to reissue a new credit report with that info updated. If done correctly, it won’t have another inquiry on your report (not that it would change much if it did), and this process usually only takes a few days to a week. Most lenders refer to this as a rapid rescore. NOTE, this does cost the lender, so they may pass the cost along to you. And quite frankly, your loan officer might not even know how to do this, therefore didn’t offer it as a solution.

If it were me, I’d go the rapid rescore route if this were the reason that my score were down…

On the other hand, I’m not sure that the student loan showing with a balance has anything to do with the rate you’re being offered. Especially, if the account doesn’t show any late payments, but just an open balance. I’d have to look closely at the entire situation to know for sure, but as I read this, my first thought is there were several things that jumped out at me indicating some holes in the level of cousel that you’ve been provided.

Mortgages can be quite complex processes and difficult to navigate for a consumer…and, as you’ve come to realize, this can become a full time job within its self. I helped start a new company this year that helps with this exact challenge. We help a consumer not only understand how to shop, negotiate, and identify a fair lender, but we also help them avoid suprises and mitigate the challenges that often come up. In other words, we help consumers close with confidence. With no skin in the game, we can offer an objective advice and perspective that the lender may not be able/willing to provide.

On a larger scale, our mission is to restore consumer confidence back to the mortgage marketplace.

Please feel free to email me or call, and I’ll help anyway possible.
josh.campbell@nationalhomeloanadvocates.com
972-904-3694

I agree with Sheila that you should try disputing it directly with the credit bureau.

Also, call your student loan company back and ask to speak to a supervisor. They are trained to steer you away from speaking with supervisors. INSIST on speaking with one. If he/she is not helpful, insist on speaking with his/her supervisor and stay on the line until they get one for you.

I’ve seen this work several times for customers who were very persistent and would not hang up. Finally, one of our local supervisors would transfer the customer to someone (in another state) in an escalation department who could actually help the customer and sometimes could give a direct fax and contact phone # for verification of fax received. (They don’t like to do this because of the call volume they receive – everyone would want direct help.) The customer reps you are talking to do not have the authority or access to really help you in your situation.

You might also ask for the executive complaint line at the student loan company or ask how to make a formal complaint if they balk on letting you speak to someone in authority. Just stay calm but be persistent and INSIST. Be prepared to be on the phone for a LONG time each time you call…your patience will pay off.

Hope it works out soon. I know it can be very frustrating.