Credit Reporting

[smit5454]

Chase is showing me as 60 days past due, which is probably why my credit has now plummeted to 580.

Is this correct? I made all 3 trial payments on time, and was current before requesting the modification.

I thought it was supposed to be reported as some kind of "agreement"?

[rachel_p]

Same happened to us. We were on a 6 month forbearance and they reported us late for that entire time (and since then too). Our attorney told us that they can't report you as late if you are paying them on time, as agreed. He said you just have to "butter them up" and get them to remove it. There are legal ways to get it done if it comes to that. He also told us that if we were 30 days late to begin with, then they COULD report us as 30 days late throughout the duration of our forbearance, since technically we didn't make up that one late payment before starting the forbearance.

We are nearing the end of this mess, and we have an entire years worth of late payments on our credit report to deal with. I'm looking for any tips on how to do this. We just received a notice from one of our credit cards saying they are increasing our interest rate to 29% due to a recent "routine" credit check. Hand down, this is chase's fault. I should send Chase a bill for the difference each month.

[rollertom]

When your trial is done and you receive a mod Chase will HAVE to correct the report under the Fair Credit reporting act.
As long as you are making the requested payments on time they will correct this when you are done.

[SwillerAlesbane]

Cash Talks....credit ratings walk (LOL credit walk-away). I deny the power of usury in my life as much as i can.

I'm sure my credit rating is 500's....funny how I'm able to save 3-4x that every month I don't make a payment. I'll take a credit beating for about 18 months worth of free rent.

[exhausted girlfriend]

swilleralesbane,

enough said! That is a good way for a good start.

[davephx]

On another thread I posted WSJ article from yesterday on credit report problem.

Trials are reported as partial payments which can be as bad as late. It also depends if you were current or not when started trials and different sevicers reporting differently.

New classification as of 11/1/09 but unclear how FICO will handle the new coding

[Sunbeam]

I was put into a trial mod w/o a written agreement by Citimortgage....my negotiator between Citi and Freddie was trying to do right by me since I started this process in February and have gone through heck. Anyway, it triggered late payments on our account. I became VERY upset and called collections. Long story short, the late charges were removed and I received a very precious letter yesterday from Citimortgage telling me that no adverse information has been reported to credit reporting agencies. I will guard that letter closely and will pull my credit when this is all said and done.

[smit5454]

If I offend anyone, I apologize, and it is just my personal opinion. I think Obama has done nothing to help us. To be honest, I don't think McCain would have tolerated this %&*%*.

1) He basically tells CC companies he will be enforcing rate hikes, etc. starting in July of 2010. Well, thanks for the heads up Barack, give all of these companies almost a year to do "random credit checks" and jack us all up to 20-30%.

2) It should be criminal for a lender to report us as late, "F" up our credit, then let the CC companies bend us over as we are trying to keep our heads above water. The process should be enforced to at least keep us in the same position, not worse.

3) Above and beyond the HAMP, why not offer some type of federal debt consolidation program? I would be glad to pay the government 10%, a decent return, than pay Chase 25%. The minute I started this process, Chase jacked up my CC! Thanks!

4) I wish I could charge Chase for time invested in the process. Lets see, 200 hours of my time, and I average about $52 an hour, they owe me 10 g's at least. Can you imagine if Chase needed us to do something for them, and we took 8 months and asked them to send us the paperwork 30 times over and over again?

Unbelievable.

[SillyWorld]

Originally Posted by rachel_p

Same happened to us. We were on a 6 month forbearance and they reported us late for that entire time (and since then too). Our attorney told us that they can't report you as late if you are paying them on time, as agreed. He said you just have to "butter them up" and get them to remove it. There are legal ways to get it done if it comes to that. He also told us that if we were 30 days late to begin with, then they COULD report us as 30 days late throughout the duration of our forbearance, since technically we didn't make up that one late payment before starting the forbearance.

We are nearing the end of this mess, and we have an entire years worth of late payments on our credit report to deal with. I'm looking for any tips on how to do this. We just received a notice from one of our credit cards saying they are increasing our interest rate to 29% due to a recent "routine" credit check. Hand down, this is chase's fault. I should send Chase a bill for the difference each month.

i JUST RECENTLY GOT A LETTER FROM CHASE, it was stated all cards are rising by 02/2010 to 29% Prime rate plus 24%..Hahahah Silly World...They get 0.05% loan from the feds and look what we are going to be paying....Unfair unfair unfair..... I need a new PLANET...PLZ someone

HELP US ALL
yea and then to top it all off Da Bomba was giving out $1000.00's to never working Peeps in ILL

[rlhoneydew]

I was current when entering the trial payments with Saxon. I was reported delinquent - checked my credit report & my FICO was very low (in the 500's!!!).

Talked to rep @ Saxon, & she told me it was a MASS error (thousands of people in same boat with me) and it would be corrected.

During my last call to Saxon, they indicated that my credit has been "fixed" on 10/15/09. Haven't checked it out to confirm, but hope it is true!

I understood that if you were current, and made all trial payments, that credit would not be affected...... Seems this is not happening for many people!?

[smit5454]

SillyWorld,

If you are female, I would marry you based on your post alone. Anyone who uses Da Bomba and Peeps is a catch in my book.

6'8" 40YO Male here, LOL

[johngor]

I have concerns with this too as I am going into a trial payment but BoA "two reps" told me rest assured that your credit will not be affected during this process. I owe 16k in cc debt all have good aprs 8%, I am not going to accept 29.99%.

[Sunbeam]

Originally Posted by rachel_p

Same happened to us. We were on a 6 month forbearance and they reported us late for that entire time (and since then too). Our attorney told us that they can't report you as late if you are paying them on time, as agreed. He said you just have to "butter them up" and get them to remove it. There are legal ways to get it done if it comes to that. He also told us that if we were 30 days late to begin with, then they COULD report us as 30 days late throughout the duration of our forbearance, since technically we didn't make up that one late payment before starting the forbearance.

We are nearing the end of this mess, and we have an entire years worth of late payments on our credit report to deal with. I'm looking for any tips on how to do this. We just received a notice from one of our credit cards saying they are increasing our interest rate to 29% due to a recent "routine" credit check. Hand down, this is chase's fault. I should send Chase a bill for the difference each month.

In order to attempt to remove the "lates" as reported on your credit report: go to annualcreditreport.com and request copies of reports from all three credit reporting bureaus...equifax, experian and transunion. Find where your mortgage co has reported you as late...send in dispute form to all three agencies...tell them you were not late, you paid as agreed. They have 30 days to respond with either "it stays, we confirmed it" or "its been removed".

You also have recourse under the Fair Credit Reporting Act if your mortage company reports you as late and doesn't correct the error if indeed you did pay as agreed.

[Sunbeam]

Originally Posted by SillyWorld

i JUST RECENTLY GOT A LETTER FROM CHASE, it was stated all cards are rising by 02/2010 to 29% Prime rate plus 24%..Hahahah Silly World...They get 0.05% loan from the feds and look what we are going to be paying....Unfair unfair unfair..... I need a new PLANET...PLZ someone

Sillyworld, call Chase and complain. Tell them you don't deserve this rate hike. Tell them (if you can) that they can freeze your account and you won't use it if they will keep the interest rate at the existing rate. I did this last winter with Chase, B of A and it worked. I had to make a lot of phone calls and even wrote letters to the president's of their companies, but I got my interest rates to hold and not go up to 30%.

[Ldino21]

I am in a similar situation, we have been in a Loan Modification situation with Chase Since the beginning of the year, we were 30 days behind and as we got close to 60 we made a payment and got ona Trial mod in June, we made our first trial mod payment when our Tax refund came in we asked our rep if we can bring our account current and they said yes, but instead credited, our payment towards the next trial mod payment and said once we were in Trial Mod we ccouldnt mess with the payments. We said OK and made all out payments prior to the 1st like they asked and found out that we are being rejected for a Trial Mod.

Their reasoning is that income has increased by 10% since we purchased the property, that is true based on my 2008 tax returns, but all the pay stubs I have sent them show that my pay has been cut in half since the first of the year. They didnt even look at that.

So here comes today, I get a call from Collections saying I owe 9,000+ on my loan, that I was refused on my Loan Mod, what am I going to do about it. I havent received any paperwork, they tell me that they are reporting me already 60 days late going on 90. I am getting pissed every moment this woman spouts out a word. She says the Trial Mod doesnt mean anything you still owe the difference even though its late, and it was no guarantee. I ask to speak to the Loan Mod dept., she says they are not open til Monday, and I am like then why are you calling me??

To me I feel like we have been lied to all through this process, that they dont really want to work with anyone they just want to put you in a deeper hole and take the property.

[johngor]

Well my wifes friend Kim is a para-legal and I asked her about this? She says in needs to be in the agreement for the trial modicication "this may have negitive affect on your credit rating" other wise it is paid as agreed. Still my attorney that works in consumer law, FDCPA, FTC will be calling me on Monday. Will let you know how the conversation goes! I did tell my attorney about this HAMP program when I first inquired about it in July, he is a support of it and NACA.