How Does 90 Day Late Show On Credit?
We got a pre NOD list of 90 day late from ezdatagroup and sent 500 mail pieces; not a single response! No one even called to listen to the "free message"; we would know if they called but hung up.
When I randomly checked the names on this list many were in foreclosure i.e. they had not paid the mtg for 7-9 months. The company however defends their list quality.
* Have you used this source?
* How does 90 day late show on credit?
Say Joe stops paying mtg in Jan; his credit will show a 90 day late on April 1 (for payment due on Jan 1).
Would there be another 90 day late on May 1 (for payment due Feb 1)
And another 90 day late on June 1 (for payment due March 1) .... and so on .....
So whats an effective way to market to these leads. Is there a way to find out when the 1st 90 day late hits credit?
[ Edited by SKrei on Date 12/09/2008 ]
[ Edited by SKrei on Date 12/09/2008 ]
In looking at my own credit report, it would appear that the credit report shows the worst payment status for a specific month. In your example, the account will show a 90 day late in April and a 120 day late in May. Even though the Feb payment is 90 days late in May, there is a payment with a worse status, so the 120 day late is shown for the payment history for May.
Is there a way to limit the search to 90 day lates.
There must be a rating value such as R1 for at least one 30 day late in the past two years, R2 for at least one 60 day late in the past two years, R3 for at least one 90 day late in the past two years, R4 for at least one120 day late, and so on.
Can your search accept records with an "R3" but exclude all records with an "R4" or higher ?[ Edited by NewKidInTown3 on Date 12/09/2008 ]
You are right(I checked a report). The credit would show 30 for Feb; 60 for March; 90 for April; 120 for May; 120 for all months after.
So "90" shows just once; unless you pay up the 3 months to cure the default and then miss another 3 months.
We ordered 500 90-day late leads; but most of them were in fcl! I dont know how that worked. To be in fcl they would have to be 6-7m late; I doubt the lenders file fcl as soon as someone missed 3rd mtg. I cannot afford to buy+mail another 500 just to test it. As per the lead source these people just got a 90 day late on credit.
Where did you get the leads?
do they just "hump" all pre-foreclosure statuses into fcl?
SKrei said "I doubt the lenders file fcl as soon as someone missed 3rd mtg..." Around here, servicers send a letter as quick as possible. The first letter goes out after the first late... it basically says pay up or we will seek other remedies. If there is no owner contact (like when the owner walked), the servicer files for a substitute trustee and the ball starts rolling pretty fast. A few weeks to the hearing, and as little as a few weeks (must follow state notification requirements) to the sale.
I guess I meant the lender files the NOD/ Lien to start the fcl. As soon as the property appears in the public record as pre-foreclosure all the fcl lead providers would have their info or I can look up the county recorder online. It would take the lender (in IL) a few more months to get to the auction.
Some owners have not paid mtg in 6-7 months and the lender had yet to file a NOD; I have also seen properties (in IL) in the pre-foreclosure for 7-8 months. I guess it is upto the lender.
I got these leads from ezdatagroup com
I did:
A phone call
wrote to bank credit issuer certified return receipt
wrote to credit reporting agencies certified return receipt
finally filed formal complaint w/ appropriate Fed regulatory agency (FDIC, FTC, Office of comptroller of the currency, etc.)
I am close to contacting an atty.
write every thing down
keep names dates places
many form letters googlable.