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Borderbound

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  1. Here's my question (a bit of background first): Several years ago (at least 10) I modified my mortgage with GMAC, then the loan was subsequently sold. It was re-sold recently, but the new "owner" has kept the same servicing company. When the loan was modified through GMAC, a sizable chunk was set aside until 2035, when everything would balloon. Credit bureaus were only reporting on the portion we were, and are still paying on. From the beginning when the new servicing company took over, they were reporting two separate accounts (same account numbers, but different statuses). One showed the loan was current and in good standing, and the other had late payments showing. This was artificially keeping my credit scores down. I fought them for well over a year to take corrective steps and remove the inaccurate information (the lates - since the modification took place, there have been no lates, so it was clearly inaccurate). Rather than remove the inaccurate information, they removed both accounts, so no mortgage was being reported whatsoever. This, too, was artificially keeping my credit scores down. I went through months of attempting to get this corrected, and finally found someone at the lender to take steps. At first, only one bureau started reporting. My score with that bureau jumped 40 points overnight. Long story short, it took many, many more months to get Experian to start reporting (I had to send several letters, with the final one threatening legal action). Now, all bureaus are reporting the FULL amount of what is owed, not just the current, active portion. They were originally reporting only the current, active balance until I pushed for Experian to begin reporting. Now all 3 bureaus are reporting the entire balance - current and set aside. The way it appears, it looks like I've added considerable debt or perhaps it is being considered taking a line of credit. I'm not really sure. My scores have dropped 35 points with each bureau even though I have an excellent record of payment. My scores were high before this happened. My question is; is this legal? Can they include the entire lien amount, or are they only supposed to report on the active portion? Again, the set aside part is just sitting and is not accruing interest or requiring payment. Is this actionable against the Lender/Servicer and/or the bureaus? The fact that both Transunion and Equifax have been reporting only the active loan amount for well over a year, and suddenly added the set aside balance seems very odd/fishy. Any information would be appreciated.

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