Dear Money Helps: Two years ago, my mortgage company applied one of my monthly payments to someone else’s account by mistake and reported to the credit bureaus that I’d been 30 days late. My credit score plunged 150 points as a result. Earlier this year I got EMC Mortgage to admit its error, and the firm promised to notify the credit bureaus. But my score hasn’t budged. I need to refinance, and if it weren’t for their mistake, I’d have excellent credit. Help! –Robert MacLean, Highlands Ranch, Colo.
Answer: Under the Fair Credit Reporting Act, credit bureaus are obliged to correct inaccurate information once they’re made aware of it. Sounds fair enough, but unless you get an error fixed at the source, it can keep cropping up.
You did the right thing by going directly to your lender. Problem is, EMC Mortgage sold your loan earlier this year, and by the time [...]
Original post by and software by
