What does this letter mean?

[radtechdude]

Hi all,

Thanks for all your help thus far. I am finally making progress. I have

this last negative account on my experian report.

Equifax and Transunion has fixed this on my

report but Experian is being stubborn about it.

I received this letter from my mortgage company after I contacted

them trying to get the correct information. I had a short sell back in 2007.

Experian says this will not fall off until August of 2015. Since they say in this letter that

the loan was still due from May of 2007 shouldn't it have fallen off already or do I go

by the Dec 2008 date. I'm trying to get Experian to delete this.The letter is below.

Dear,

We recently received a question or request for information about your credit report

for the account listed above. This question or request may have come from your or

a third party on your behalf.

Our records show that you paid off (or settled) the account for less than the full balance

as of December 2008, and you loan was still due for the May 2007 payment at the time it

was settled. We have confirmed that the major credit agencies

(Equifax, Experian, Innovis, and Transunion) are showing the same information. We

appreciate your business. If you have questions, please call us at one of the telephone

numbers listed below.

Sincerely,

[ICANHASMUNY?]

the DOFD is the DOFD regardless.

 

Dear ____________________________

 

 

The Uniform Retail Credit Classification and Account Management Policy as promulgated by the Federal Financial Institutions Examination Council (FFIEC), requires mortgages 180 days past due to be charged to profit and loss, which in this case was November 2007 as the loan was first delinquent in May 2007

The date of First delinquency on the loan was May 2007, the fall off date of August 2015 is incorrect; pursuant to the FCRA, the running of the reporting period is as follows;

 

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]

© Running of Reporting Period

(1) In general. The 7-year period referred to in paragraphs (4) and (6)6 of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

 

 

Your Firm is in violation of the FCRA, please delete the obsolete reporting

 

Sincerely,

[radtechdude]

ICANHASMUNY,

Thanks for the letter. That really helps. I'll use that. Thanks.

[JunkBuyersWorstNightmare]

the DOFD is the DOFD regardless.

 

Dear ____________________________

 

 

The Uniform Retail Credit Classification and Account Management Policy as promulgated by the Federal Financial Institutions Examination Council (FFIEC), requires mortgages 180 days past due to be charged to profit and loss, which in this case was November 2007 as the loan was first delinquent in May 2007

The date of First delinquency on the loan was May 2007, the fall off date of August 2015 is incorrect; pursuant to the FCRA, the running of the reporting period is as follows;

 

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]

© Running of Reporting Period

(1) In general. The 7-year period referred to in paragraphs (4) and (6)6 of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

 

 

Your Firm is in violation of the FCRA, please delete the obsolete reporting

 

Sincerely,

 

+100!

[radtechdude]

ICANHASMUNY,

Thanks for the letter. I'm wondering if there is a law that I can use to demand that my mortgage company prove that they received a payment from me? They say that they received a payment from me and there is no way that this happened. We didn't even live in the house at that time. We lived in a rent house at the time they say they received a payment from me.

I'm wondering if I can incorporate the letter that you wrote with a demand that my mortgage company prove they received a payment from me. The payment they say they received is extending the date of delinquency and is keeping it from falling off my report from another year.

So I know for a fact that this payment did not happen and I would like for them to proved this by supplying a cancelled check (which there is no way they have) or a electronic receipt of a electronic payment (which they don't have).

I was thinking about incorporating something like that in the letter with a 14 day time limit to produce such proof or delete it from my report.

Any ideas?

[shifter]

The payment they say they received is extending the date of delinquency and is keeping it from falling off my report from another year.

even if you sent a payment, if that didn't bring the account back current (which it wouldn't unless you sent a ton of money), the DOFD is still the same.

 

you need to just send that letter to EX so they remove it.

 

forget about arguing with the mortgage company.

 

it's a waste of time.

[ICANHASMUNY?]

it was a short sale.

 

send the letter and

 

file a complaint with the CFPB.

[radtechdude]

Ok. I will send the letter tomorrow. I have already filed a complaint with the CFPB last week. In addition, I filed a complaint with the CFPB on the OC too. I got a response from the CA in my CFPB portal saying they will investigate it. They will do the same thing they have always done and verify the wrong information because that i what they OC is verifying as fact.

 

Perhaps, sending that letter in addition to the complaint will help. How long does it normally take to see results from a complaint with the CFPB?

[ICANHASMUNY?]

 

ICANHASMUNY,

 

Thanks for the letter. I'm wondering if there is a law that I can use to demand that my mortgage company prove that they received a payment from me? They say that they received a payment from me and there is no way that this happened. We didn't even live in the house at that time. We lived in a rent house at the time they say they received a payment from me.

 

I'm wondering if I can incorporate the letter that you wrote with a demand that my mortgage company prove they received a payment from me. The payment they say they received is extending the date of delinquency and is keeping it from falling off my report from another year.

 

So I know for a fact that this payment did not happen and I would like for them to proved this by supplying a cancelled check (which there is no way they have) or a electronic receipt of a electronic payment (which they don't have).

 

I was thinking about incorporating something like that in the letter with a 14 day time limit to produce such proof or delete it from my report.

 

Any ideas?

 

 

 

 

 

the short sale or any payment doesn't extend the reporting period once a loan is charged off.

 

the OCC requires mortgages to be charged off at 180 days of delinquency - you would have had to bring it current within 180 days of may 2007 ; you didn't

 

what letter are you talking about?

 

post the whole letter you received

 

Ok. I will send the letter tomorrow. I have already filed a complaint with the CFPB last week. In addition, I filed a complaint with the CFPB on the OC too. I got a response from the CA in my CFPB portal saying they will investigate it. They will do the same thing they have always done and verify the wrong information because that i what they OC is verifying as fact.

Perhaps, sending that letter in addition to the complaint will help. How long does it normally take to see results from a complaint with the CFPB?

 

 

 

if you already filed a complaint against the OC, don't do it again.

 

what CA are you talking about? .

 

the whole story please.

[radtechdude]

The 1st mortgage was reporting correctly and it fell off my CR last month. Now the second mortgage is the one that is staying on my CR. It was for less than $30,000 and it was included in the short sell as well. However, because they say that I made a payment 8/2008 on this 2nd mortgage account my CR says it will not fall off until summer 2015.

The letter that I was referring to is the letter that you wrote for me to use. Sorry for the confusion. There is no CA.

The 2nd mortgage I am working on is still with the OC. I guess I was trying to ask if I could take the letter that you wrote for me in your first post and ADD a request for the OC to provide proof that I made a payment on 8/2008. There is NO way they can provide proof because we did not make that payment. So I'm thinking that if there is a way to demand they provide proof and they are not able to, they will have to delete the account. I'm sure there are laws that require a financial institution keep accurate records.

There is absolutely no way that I personally made a payment to them 8/2008. We were living in another house at that time and 8/2008 we were in the process of moving to another state and it took all the money we had just to move. So I'm wondering how that record of a payment 8/2008 got there.

[ICANHASMUNY?]

just add that you " have examined all your bank records and there was no payment made on that date; and A partial payment wouldn't extend the FCRA reporting limit and doesn't affect the charge off date required by the OCC.

 

Your Firm is confusing state laws on partial payment extending the state statute of limitations with the FCRA reporting limits; these are very different laws; if you do not delete your obsolete reporting I will turn this over to an attorney for review and legal action in federal court. "

[JunkBuyersWorstNightmare]

just add that you " have examined all your bank records and there was no payment made on that date; and A partial payment wouldn't extend the FCRA reporting limit and doesn't affect the charge off date required by the OCC.

 

Your Firm is confusing state laws on partial payment extending the state statute of limitations with the FCRA reporting limits; these are very different laws; if you do not delete your obsolete reporting I will turn this over to an attorney for review and legal action in federal court. "

 

[radtechdude]

Ok. Here is an update. I file a complaint with the CFPB against Experian, Transunion, and my mortgage lender.

 

1. Experian responded with a partial response saying that they will have a result in 60 days. Is this legal? I thought they had a max 30 days to do an investigation?

 

2. Transunion has not responded as of yet.

 

3. The mortgage lender has been the most responsive. They discovered that the payment they claimed I made was wrong. They have updated the CRA's but now they are not reporting my payment history. So now the CRA does not know when the FDOD was. The CRA says this account is still going to stay on my reports for another year. The account should fall off this month because the FDOD was 05/2007. I just have to get them to report the payment history.

 

Here is my question: They are reporting the settlement as the last payment. Shouldn't this be reported as the settlement date? Is there a certain notation that lets the CRA know this is the settlement date and not the FDOD?

[ICANHASMUNY?]

DOFD + 6 months

 

The Uniform Retail Credit Classification and Account Management Policy as promulgated by the Federal Financial Institutions Examination Council (FFIEC), requires mortgages 180 days past due to be charged to profit and loss, which in this case was November 2007 as the loan was first delinquent in May 2007

 

it should fall off in November 2014

can you update the dispute with the lender on the CFPB website; state that they are still wrong; the loan was required to be charged off in November 2014, and that they are in violation of the FFIEC rules for not charging it off and are in violation of the FCRA for not reporting the charge off, regardless of the subsequent short sale.

[nysbadmk8]

I ran into the same problem with EQ and TU.

 

It took me getting the payment history from day one of the loan, 2 CFPB complaints against EQ since they basically didnt read the first one.

 

Only took one time with the CFPB with TU.

 

I uploaded all the documentation to the CFPB portal, and let it goto work.

 

I got the same 60 day, It never took 60 days.

 

 

 

Funny sidebar- Its been 8 years since my DOFD, They have still yet to effectively foreclose on the home yet.

[radtechdude]

Progress!! I just checked Transunion and it has been completely deleted. No sign of the short sell account. So it looks like "someone" is taking me serious.

 

However, now Experian has updated this account, with a 120 late and has left that 08/2008 payment still on there. The OC has admitted that the 08/2008 payment is incorrect.

 

It appears to me that the OC has attempted to update the payment history, but that 08/2008 payment was not corrected. I'm not sure if this is the OC's fault ot Experians fault. Not sure.

 

As far as my CFPB complaint I was waiting until I received my letter from the OC before I disputed the OC's response that they made concerning my complaint. I got the letter from the OC yesterday

along with a payment history beginning from 2007 to the date of settlement. What is weird is that it does not show any payments starting from 02/2007 until 11/2008 and then it shows payments and then corrections. I uploaded

all this along with a dispute letter. This was before I knew that Transunion had deleted this account.

 

Now one might think I had jumped the gun on Transunion by continuing to name them in my dispute with the CFPB, but on Monday Transunion had updated the account, but it was still wrong. Now it has been deleted.

 

I'm wondering what to do with Experian??

[ICANHASMUNY?]

best wait for the dust to settle a bit. but after that, if it's still on experian,

 

Ask experian to re investigate the DOFD was on the account..... and when the charge off was

[radtechdude]

Ok here is an update. I filed a complaint on the mortgage company with CFPB. I have been dealing with the analysts for awhile. I finally got a payment record from them.

 

My DOFD was back in March of 2007. But they have been reporting that I brought the account current August 2008. This August date is what is keeping this from falling off my report. After looking thru the payment record they sent I discovered that it is not a payment. It is when they totaled up a bunch of late fee's from the previous months. They say they waived those late fees because it was going thru short sale. They say that because they credited the late fees, it brought it current. I didn't bring it current. How can they claim this?

[Guest]

Well, we have decided that Experian has a room full of executives that figure out how to be as obtuse and un-helpful as possible.

 

The address for their legal department is:

 

475 Anton Blvd, Costa Mesa, CA 92626

(714) 830-7000

[ICANHASMUNY?]

Ok here is an update. I filed a complaint on the mortgage company with CFPB. I have been dealing with the analysts for awhile. I finally got a payment record from them.

 

My DOFD was back in March of 2007. But they have been reporting that I brought the account current August 2008. This August date is what is keeping this from falling off my report. After looking thru the payment record they sent I discovered that it is not a payment. It is when they totaled up a bunch of late fee's from the previous months. They say they waived those late fees because it was going thru short sale. They say that because they credited the late fees, it brought it current. I didn't bring it current. How can they claim this?

NOTHING brings a charge off current according to the tax rules.

 

ask them how they reported this to the IRS... He.he.

[radtechdude]

UPDATE: Ok great news!! My mortgage company miraculously decided to delete the whole tradeline of my credit report! Thanks to all the help from this forum! You guys rock!

 

It is definitely true that repairing your credit does not happen overnight. It took a few months but it happened.

 

I'm not sure if it was the fact that during these few months I had filed complaints with CFPB, my state Attorney General, the FDIC, and the Federal Reserve?

 

The reason they stated is that they finally realized that the account had already fallen off the other two credit bureaus.

 

It doesn't really matter the reason, but the analyst on the phone told me that they were deleting it. I checked the next day and it was gone!

 

I have one last bad account on my report! I sent them the second whychat letter today. This has been a educational experience.

[ICANHASMUNY?]

Duh, they finally realized that the FCRA applied?

 

bet it was the FDIC and the Federal reserve complaint that did it.

[radtechdude]

ICANHASMUNY,

 

You are probably right! Sometime you just have to show them you are not going away! LOL

[ICANHASMUNY?]

ICANHASMUNY,

 

You are probably right! Sometime you just have to show them you are not going away! LOL

 

& You have to ring the bells of the Appropriate federal agencies with a legit complaint.

[LKH]

Well done! Persistence is the key.