Posted on: 11th Oct, 2010 08:28 pm
I recently decided to negotiate with my lender to negotiate a payoff settlement on my HELOC. I had been current and on time on my monthly payments (as my monthly payments were coming out of my checking account). I was surprised to hear back from the bank. They counteroffered my settlement offer and so I wired the funds. Since then, my credit score took a 100 point hit (750 to 650). My credit report states that it was a charge off when in fact it wasn't. It seems to me that the bank reported this as a "charge off" in error as their HELOC settlement proposal stated that I will get a 1099 at the end of the year. Any thoughts?
Hi inbox_resp!
Welcome to forums!
As it was an error on the part of the lender, you should contact him and ask him remove the negative listing from your credit report. Once the lender informs the credit bureau about the error, the listing will be removed from your credit report.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As it was an error on the part of the lender, you should contact him and ask him remove the negative listing from your credit report. Once the lender informs the credit bureau about the error, the listing will be removed from your credit report.
Feel free to ask if you've further queries.
Sussane