Not sure how I missed this one

For just about anything you want to get off your chest about credit cards.
4 posts
MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Not sure how I missed this one

Postby MemberSince99 » Tue Jan 21, 2014 9:19 am

I'm not sure how I missed this, but I just noticed in CreditSecure that the old company that serviced my student loans is being reported as "Open" in the status and shows as active, even though they sold it to another company who ALSO has the accounts active (of course since they are for that company).


They put a note in them that they are 'in deferment' which is also not true though I did defer them for a few months when I lost my job years ago, as you can do for a set period when things like that happen.


So, these are not being reported accurately and I can't believe I never noticed that before. When I applied for Chase in 2012 the analyst asked me if my student loans were in deferment and of course they weren't then so I answered no but I wondered why she asked that. Now I know.


I will need to dispute that especially with wanting to get a mortgage in the near future. I will need to remind these guys that Federal law REQUIRES not asks but REQUIRES them to put ACCURATE information in your reports. It does not require you to report anything but if you do it MUST be accurate that is not optional under the law. (Yes I know there are no teeth in the enforcement of the law but that's another matter...).
So I will need to begin the dispute process I guess I might as well buy my FICOs from the Garden fanatics and use that to dispute though I know I can get them directly from the CRAs as well without a FICO.


If they fail to report accurately I will bring the matter up with the CFPB. And I'm not being petty over this, not with wanting a mortgage. I assume they will just blow me off so I'm expecting to have to do that so the sooner I start the sooner I can get that taken care of. Maybe they'll shock me and actually follow the law.


MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Tue Jan 21, 2014 10:12 am

Just checked my FICOs and updated signature. The only change coming is the new Freedom card reporting, which will probably happen next month. Even if it drops my scores 10 points, it's still good enough as is for the top mortgage rate and I'd be shocked if they fell 10 points.


But I still need to dispute the old accounts. They should not say in deferment or show as being open. Not when I want to go for a house!


Just went to dispute, but on EQ it shows them as closed. Weird that CS says they are open. Must be a bug with CS. It does say "Payment deferred" but I should be able to explain that at that time years ago I was between jobs as an IT contractor so I deferred them but they sold them while they were deferred. Still doesn't look too good though, granted!


On the plus side, every category they listed on FICO was 'Very Good' or 'Great' except New Credit which was 'Bad'. Of course to them a single inquiry in your lifetime is unacceptable so who cares really.


Anyway I tried to dispute with all 3 bureaus and all 3 show the old lender accounts as "closed" I don't know what is up with CreditSecure it must have missed that but better safe than sorry so I don't regret verifying they are closed.

User avatar
djrez4
Centurion Member
Centurion Member
 
Posts: 1468
Joined: Tue Jul 31, 2012 12:20 pm
Location: United States

Postby djrez4 » Tue Jan 21, 2014 12:00 pm

My student loans are similarly messed up.

During the mortgage process, I had to do some explaining, but that was it. No consequences for student loans reporting incorrectly. They still aren't completely correct.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Tue Jan 21, 2014 12:43 pm

Thanks djrez. Turns out I was wrong, technically CS is reporting them wrong and I believed CS, but good to know it's not a major hurdle. If anything I imagine there will be grilling on why they were in deferment.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests