Posted on: 15th Dec, 2009 08:14 am
For the past year I have been working on improving my credit score. I am currently going through a loan modification mainly to get my interest down. I had to go this route because of my credit. I have never been late with my mortgage but now it is being reported on my credit report as a negative entry, and dropped me several points.
Once my loan modification is approved can I get this entry removed from my credit report. (so upset)!!
Once my loan modification is approved can I get this entry removed from my credit report. (so upset)!!
Hi drillboy!
Welcome to forums!
If you have been late on your mortgage payments, then I don't think you would be able to remove the late payments from your credit report. However, you may always negotiate with your lender and check out if he can help you in this regard. You should note that the affects of the late payments on your credit report would get reduced with the passage of time. But they would stay in your credit report for the next 7 years.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you have been late on your mortgage payments, then I don't think you would be able to remove the late payments from your credit report. However, you may always negotiate with your lender and check out if he can help you in this regard. You should note that the affects of the late payments on your credit report would get reduced with the passage of time. But they would stay in your credit report for the next 7 years.
Feel free to ask if you've further queries.
Sussane
Hi drillboy!
As you said, you have never been late in mortgage, I think you need to talk to your lender regarding the negative entry. If it is mentioned that you are late on your payments then you cannot remove it. It will be there for seven years. However, pull up your credit report and check it. It may happen that you have paid off some debts which is not mentioned on the report. You can improve your credit score by being current on all your payments. Try to pay off small debts early, it will help you to rebuild your credit score. All the best.
As you said, you have never been late in mortgage, I think you need to talk to your lender regarding the negative entry. If it is mentioned that you are late on your payments then you cannot remove it. It will be there for seven years. However, pull up your credit report and check it. It may happen that you have paid off some debts which is not mentioned on the report. You can improve your credit score by being current on all your payments. Try to pay off small debts early, it will help you to rebuild your credit score. All the best.