Anonymous
Posted on: 07th Feb, 2005 07:20 pm
:o 12 years ago, I had to file for bankruptcy. Life went on and I slowly cleared up all my outstanding. But three years ago, I wanted to purchase a house. I applied to 5 lenders and all of them turned my application down. Although all debts were settled, yet the credit bureau report showed me as 'delinquent, settlement pending, etc.' It was evident that down the line, the credit bureaus were unaware of my debt free status :!:
I had to get all my bankruptcy documents together, made copies of all documents and sent them to the credit trinity with the request to update my current credit status. Months passed and as I tried to apply for a mortgage to purchase my dream home, my mortgage request was once again turned down as the credit reports still showed a 'current bankruptcy' status. It seemed that the credit bureaus were still blissfully unaware about me being debt free and somehow was led to believe that I would be in perpetual debt. So once again I repeated the process of sending the documents and followed by many phone calls. The current status is that only one of the credit bureaus has updated my credit report while the other two are still 'in the process of report updating'. :arrow:
Now, I would like to know whether I can base my mortgage claim on this particular report from the single bureau for obtaining mortgage as the other two credit bureau has not, technically as of now, cleared me of my bankruptcy status :?: ---Angelina Rozario.
I had to get all my bankruptcy documents together, made copies of all documents and sent them to the credit trinity with the request to update my current credit status. Months passed and as I tried to apply for a mortgage to purchase my dream home, my mortgage request was once again turned down as the credit reports still showed a 'current bankruptcy' status. It seemed that the credit bureaus were still blissfully unaware about me being debt free and somehow was led to believe that I would be in perpetual debt. So once again I repeated the process of sending the documents and followed by many phone calls. The current status is that only one of the credit bureaus has updated my credit report while the other two are still 'in the process of report updating'. :arrow:
Now, I would like to know whether I can base my mortgage claim on this particular report from the single bureau for obtaining mortgage as the other two credit bureau has not, technically as of now, cleared me of my bankruptcy status :?: ---Angelina Rozario.
Hi Angelina,
In the first place I feel you have not sent proper measures after you found the mistakes once in your credit report.You have the Fair Credit Reporting Act made just for you . You are entitled to sue the credit bureau if they do not send in the corrected report within 10-15 days of your sending the request. You must check with your lender whether he would start the deal with one credit report alone. Some lenders do allow this. Moreover now you have Experian and Transunion providing credit scores directly. This would come useful. If your lender does not allow it wait for a few days and then i suggest you should sue the bureaus concerned. Never go in for a credit repair agency if matters get worse.
I am sure a letter notifying this inaccurate information should stress on the fact that you know the Law refer to FCRA .
For other information on mortgage we are always there.
Thank you for appraoching us with your query,
Jessica
In the first place I feel you have not sent proper measures after you found the mistakes once in your credit report.You have the Fair Credit Reporting Act made just for you . You are entitled to sue the credit bureau if they do not send in the corrected report within 10-15 days of your sending the request. You must check with your lender whether he would start the deal with one credit report alone. Some lenders do allow this. Moreover now you have Experian and Transunion providing credit scores directly. This would come useful. If your lender does not allow it wait for a few days and then i suggest you should sue the bureaus concerned. Never go in for a credit repair agency if matters get worse.
I am sure a letter notifying this inaccurate information should stress on the fact that you know the Law refer to FCRA .
For other information on mortgage we are always there.
Thank you for appraoching us with your query,
Jessica
Hi,
It should be known to all that if there is an error identified in the credit report then it must be reported with the credit reporting agency and the company providing information to the CRA for rectification.
The CRA has to be informed in writing on the areas where the report is inaccurate. As per the Fair Credit Reporting Act, the report is to be investigated and the results are to be reported to the CRA by the information provider the information should notify all nationwide CRAs to rectify the file.
If the dispute is not solved by the investigation, then a statement given by the victim should be include in your file
God bless you.
For MortgageFit,
Samantha
It should be known to all that if there is an error identified in the credit report then it must be reported with the credit reporting agency and the company providing information to the CRA for rectification.
The CRA has to be informed in writing on the areas where the report is inaccurate. As per the Fair Credit Reporting Act, the report is to be investigated and the results are to be reported to the CRA by the information provider the information should notify all nationwide CRAs to rectify the file.
If the dispute is not solved by the investigation, then a statement given by the victim should be include in your file
God bless you.
For MortgageFit,
Samantha
