Posted on: 06th Mar, 2011 01:31 pm
My husband and I recently started looking into purchasing our first home. The lender that pulled our credit report told us our report is showing there was a "charge-off" on our auto loan. This should NOT be there! Our auto loan was completely paid off on time and we now hold the title to it. We contacted the company that we had the auto loan through and they told us we needed to show them proof that our credit report shows the loan as a "charge-off" in order for them to remove it. The mortgage lender also told us we need to show her proof that the loan was paid off. (shouldnt holding the title be enough proof? ) How do we go about getting this off the credit report? I feel i should not have to send my credit report to the auto loan company in order for them to fix this (as they are telling us to do)! Please help! I have no clue what to do about this.
Find another loan officer.
This can easily be fixed by the company that lenders use to pull reports. And any 'decent' loan officer can handle it for you..... It is called a credit supplement.
Not an issue.
This can easily be fixed by the company that lenders use to pull reports. And any 'decent' loan officer can handle it for you..... It is called a credit supplement.
Not an issue.
The above info was from me.... I wasn't logged in.
Thank you for the reply. Do you think this may be why the loan officer is asking us to get a letter of the auto loan proof of payment? (to fix this?) She seems to be really trying to help us get a loan... I couldnt imagine why she wouldnt have mentioned a credit supplement. We have no revolving credit since the auto loan has been paid off... so we are having to use non-traditional credit, which should be all good. I am just hoping to get this resolved so it doesn't hurt us in getting a loan.
you dont need a letter for the credit to get updated....
although it helps
although it helps
dang login thingy
Okay thank you so much for answering my questions. This has helped me out alot.