Go Back   Customers Suck! > The Heart of the Site > Sucky Customers

Reply
 
Thread Tools Display Modes

SC Disputing Credit Reporting
  #1  
Old 08-21-2019, 06:08 PM
Ghel's Avatar
Ghel Ghel is offline
Asura Mesmer
 
Join Date: May 2008
Location: Minnesota, US
Posts: 1,298
Default SC Disputing Credit Reporting

Got a call this morning from a former customer. He said he was applying for a mortgage elsewhere, and when they pulled his credit, it showed late payments from 2014 on his paid mortgage with us. He claimed that his loan was never late. (Don’t they always? ) Since the mortgage loan with us was paid off, I had to pull the file out of the basement and call him back.

From the file, I saw that we didn’t receive any payments between November 2013 and June 2014. In August 2014, the loan was paid off by the customer’s insurance. There were many collection letters in the file. Also a letter to the bank’s attorney to begin foreclosure and a comment that the customer didn’t return our calls until after the foreclosure notice went out.

While I was flipping through the file to figure out what happened, memory began to trickle back. The customer’s house had significant amounts of water damage at some point. I’m guessing November 2013. Also guessing that it was due to frozen/burst pipes. The customers filed a claim with their insurance. And then proceeded to argue with their insurance company for six months or more. Meanwhile, the city served them a blight notice and eventually (not sure if it was before or after the loan was paid off) tore down the house.

As I recall, he and his wife also tried to apply for a loan to purchase a new house, since this one was unlivable. While they were past due on this loan. And possibly while we were starting foreclosure. Naturally, we turned them down.

I called the customer back and told him the lapse in payments from November to June. I told him there were multiple collection letters in the file. And I told him that the bank had hired an attorney to begin foreclosure. So the information on his credit report is accurate. Then he changed his story. He said he “couldn’t remember if” he was ever late on the loan. At the end, he thanked me for my time.

It always seems to be the worst customers who dispute their credit history.
__________________
“We are the superhero. None of us, individually, but all of us together.”
― Hank Green
Reply With Quote

  #2  
Old 08-21-2019, 10:16 PM
csquared's Avatar
csquared csquared is offline
Loanshark IT
 
Join Date: May 2009
Location: On the verge of Cumming... GA
Posts: 1,456
Default

It is a trick that the credit counselors tell people. Challenge every bad report on your credit report. The hope is that you will remove it rather than putting in the effort to prove it.
__________________
Life is too short to not eat popcorn.
Save the Ales!
Toys for Tots at Rooster's Cafe
Reply With Quote

  #3  
Old 08-22-2019, 03:40 PM
Ghel's Avatar
Ghel Ghel is offline
Asura Mesmer
 
Join Date: May 2008
Location: Minnesota, US
Posts: 1,298
Default

So much pressure is put on us to be accurate and document everything. Some of this pressure comes from federal regulators. While I can imagine some employees of some banks going along with what the customer says to save themselves work, that should bite them in the ass when someone else reviews it. (I know, I know, I want to live in Fantasy Land.)
__________________
“We are the superhero. None of us, individually, but all of us together.”
― Hank Green
Reply With Quote

  #4  
Old 08-23-2019, 12:08 AM
Argus Argus is offline
Store Manager
 
Join Date: Sep 2006
Posts: 556
Default

Quote:
Quoth Ghel View Post
While I can imagine some employees of some banks
So, the "challenge every bad report" trick isn't as useful on banks as it would be on other creditors. The folks who give or follow that advice aren't particularly interested in excluding banks.
Reply With Quote

  #5  
Old 08-23-2019, 12:31 AM
csquared's Avatar
csquared csquared is offline
Loanshark IT
 
Join Date: May 2009
Location: On the verge of Cumming... GA
Posts: 1,456
Default

The recommended way is to contact the credit bureau. They will then contact the lender and ask for documentation. The lender has a fixed amount of time to respond. If they fail to respond, then the bureau is required to remove it. The bigger the lender, the more likely it will fall through the cracks.
__________________
Life is too short to not eat popcorn.
Save the Ales!
Toys for Tots at Rooster's Cafe
Reply With Quote

  #6  
Old 08-27-2019, 05:53 PM
taxguykarl's Avatar
taxguykarl taxguykarl is offline
Seasonal Tax Preparer
 
Join Date: Aug 2008
Location: Chicagoland (South suburbs)
Posts: 3,819
Default

Quote:
Quoth csquared View Post
The recommended way is to contact the credit bureau. They will then contact the lender and ask for documentation. The lender has a fixed amount of time to respond. If they fail to respond, then the bureau is required to remove it.
And repeatedly dispute the same baddie. To start the process anew. Sooner or later, the deadline will be missed.
__________________
I'm trying to see things from your point of view, but I can't get my head that far up my keister!

Who is John Galt?
-Ayn Rand, Atlas Shrugged
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT. The time now is 12:57 PM.


Powered by vBulletin® Version 3.8.9
Copyright ©2000 - 2019, vBulletin Solutions, Inc.