Dispute 30 Day Late Mortgage Payment
Peoples Choice mortgage incorrectly posted a 30 day late payment on my credit report. The payment was made on time but they say that the checking account had insufficient funds. ( Which is incorrect). How can this be corrected and removed from the credit report?
In my early years before I had any notion of a reserve balance, I had this happen too, when debits and the deposits to cover them are posted on the same day.
If the debits were posted before the deposits, then my account, at that instant in time, appeared to be overdrawn.
This may be what happended in your case. To prevent a recurrence, you need to make sure that sufficient funds are in your account before the mortgage payment is drafted. Automatic payment plans often allow you to schedule your payment anytime between the first and the tenth of the month.
Getting the credit reports corrected may be a little tougher task. You can always submit a statement of explanation and ask that it be placed in your credit file.
Good luck.
The only way to know who messed it up is to lookup
the debit date on the transaction from your bank.
With that information, if it proves that its not your
fault, call the lender and fax them the statement. Tell
them to fix it Asap. Keep calling the person in their
office every week or so.
I had this happen to me on a car loan. I caught this
2 years after the fact. Had carbon copies of all the
checks that were written. Sent the lender photo
copies and they promptly fixed it. I did inform the
lender that i was in the process of qualifying for a
mortgage and their incompetency has hurt my
chances. Now, this was American Honda Finance
and not a small bank.
Lesson learnt, check the credit file every 6 months
at the least.
Good luck
-Krish
Honestly there is alot of information here that will point you in the right direction. I think you need to know WHAT you want to do, then read up on it and figure out how you can best achieve those goals.
Are you looking to buy propertie and rent them out? Are you looking to buy properties in need of a rehab and rehabbing them and then selling? Do you have the money or the ability to do rehabs (build sweat equity)? What are your interests, then we can point you in the right direction.
FallenAngel, what type of real estate investing do you prefer and how were you able to accomplish your first deal?