posted 20 March, 2004 03:32 PM
A word of advice for those who are thinking of refinancing or getting a new home loan (or any loan, I suppose). It's an old addage to "always check your credit reports for errors". I'll expound on that and say check the credit reports from all 3 major sources INDIVIDUALLY and not from one of those combination 3 in 1 reports. Here's why I say this:
We decided to build a new home because we weren't finding anything we wanted that was already there, so in the construction loan processing paperwork trail, our banker called to inform me that I have a "serious delinquent account" from a collection agency on my record which could affect my ability to get a good rate. ??? I usually use Equifax to check my credit report, and had just recently got one to make sure everything looked good, but the bank goes to all 3 separately. He told me it was on another CRA's report, so I ordered one of those 3-in-1 reports. It wasn't on there. Everything looked ok to me. ?????
So I called the bank back and he told me which one it was on, so I ordered one directly from them. There it was, an account that was not mine, but appearing on my record. When I contacted the place to find out about the account, they asked for my social security #. Then they asked for my name. "We're sorry sir, the account is in another name, so we can't talk to you about this account." ??? I said, "Well, that's exactly the point. It's NOT my account but it has my SSN on it, and it's going against my credit report since it's on it, and I want it off." I got the runaround from these people because they said they couldn't just remove it from my credit report because I said so, yet they couldn't talk to me about it since it wasn't my name on the account.
Here's an example of stupidity in action. I don't know if it's stupidity on their part for being brain-dead azz-monkeys or on mine for arguing with them as they dragged me into their stupidity vortex. The conversation went pretty close to this:
Me: "Ok, then so if you can't talk to me about it, then you're essentially saying it's not my account, right?" Them: "Well, sir, your name is not on the account." Me: "Then that means it's someone ELSE'S account, correct?" Them: "Yes, sir. That's why I can't talk to you about the account." Me: "That's what I've been saying, it's NOT my account so you need to get it off my credit report, because you just said it's NOT my account." Them: "No sir, I never said it wasn't your account, I said your name was not on the account." Me: "Then HOW can you put it on my credit report if my name is nowhere on that account?" Them: "I don't know sir." Me: "Then I suggest you find out. And then figure out how to undo your mistake." Them: "It's not a mistake sir. The account is way overdue. And that's how we report it." Me: "But you're reporting it on MY credit report, not the real owner of the account's credit report." Them: "Sir, we report it correctly. So if it's showing up on your report, you may be a co-signer on the account, perhaps?" Me: (pausing to try and get a handle on the incredible crap I just heard) "Ok, then who's name or names are on the account, and where did it originate from?" Them: "I'm sorry sir, I can't tell you any information on this account." Me: "Why not? If somehow I did co-sign for this account, which I didn't, then you better be telling me something." Them: "I'm sorry sir, the account is not in your name. I can't discuss this account with you."
Jeez!! Then they said I would have to put in a complaint with the credit reporting agency to dispute it if I felt it was reported in error.
Needless to say, I did just that, and they got 30 days to prove it's my account, which it isn't, or it HAS to come off my report. The folks at the CRA said that if what I was telling them was true, they can't just use my SSN to tag it onto my account, and it appears there was a SSN number swap somewhere as to how it ended up on my report. The account has to have my name on it, which, apparently, it does not. So they're confident that this will get dropped off my report.
I am happy to say that the bank felt the same way. We got the best rate for our construction loan with no money down, the land has already been cleared and leveled, and this week the house locatation is to be staked and the foundation footings to be dug and poured. We're on our way to huge house payments. Yay!
But let this experience be a lesson to everyone who is considering getting any kind of loan...it is up to you to ensure your credit information is current and accurate. And vigorously chase down anything that looks suspicious or can seriously damage your credit rating.
Posts: 577 | From: Aiken, SC | Registered: May 2002
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posted 20 March, 2004 09:12 PM
I have been thru simular situations before with brain dead people. Glad to hear your loan went thru.
Posts: 5682 | From: Dearborn,Mi. | Registered: Feb 2002
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FireChicken
11 Secret Herbs & Spices
Member # 2067
posted 20 March, 2004 09:55 PM
Unfortunately, none of the bank or credit organizations will belive that they have made a mistake. You have to almost fight with them. For example:
1. A couple of years ago, I went to close my old bank account, and open a new one, due to a potential security risk (a book of checks went missing).
2. When I went to the bank, i had made sure to not write any checks for quite a while, and went in on a friday afternoon to close the account. I had the bank give me a printout of check numbers cashed recently, and compared it to my account record. Check 627 was shown to be cleared by the bank, and that included 3 months worth of checks.
3. I closed the account, and opened a new one. All this takes place on a Friday afternoon.
4. one week later, I get a notice of overdraft from the bank on the old account, regarding check 627, and a notice that the check was not paid out. I make some calls, and find out that the attempt to cash the check by the company I had written it to had been made on the friday I had closed the account (the day the bank told me it had cleared).
5. I go into the bank, and explain to the bank manager that they have made a mistake, and that they need to reimburse me for any collection expenses that I have to pay out. They assure me that (A) there is no way that they have made a mistake (B) there will be no involvement with a collection agency.
6. Of course, once I pull out the printout of the form the bank's automated system sent me, they dont know what to say.
7. 2 days later I get a phone call from a collection agency that handles bad checks for the company I wrote the check too. Fortunately, all they ask for a $35 fee, in addition to the original amount, and there is not credit reporting if I pay the amount within 10 days.
8. I have to spend a day off of work driving out to the collection agency, give them the payment, and driving back after sorting out all the details.
9. The bank still denies any mistake, and refuses to reimburse me for the money I lost due to their computer glitch.
I eventually realized that part of the problem is that all the people at the bank I was dealing with were all dumber than me, and I have no experience in banking. Unfortunately, we have gotten to a point where the only way to make a dent in the relative stupidity of these morons is to get a lawyer involved.
Personally, dude, if I were you, I would sue the credit agency immediately. I realize you have to get a lawyer, but they have put incorrect information on your credit report, and you need to get the problem rectified ASAP. These people refuse to admit their own mistakes (in face they think themselves infallible), and they will drag their butts in situations like these, because there is no incentive for them to cooperate and obey the law. Stay on top of it, and good luck!
Posts: 686 | From: Texas: Hullabaloo, Caneck! Caneck! | Registered: Aug 2003
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posted 21 March, 2004 05:16 AM
Sorry to hear of the ordeals you all have been through. Its a shame when people can't admit they have made a mistake and completely frustrating for anyone trying to clear up something they aren't responsible for.
Thanks for the headsup.
Posts: 2841 | From: Westland, MI | Registered: Apr 2003
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posted 21 March, 2004 09:51 AM
Glad to hear that it got cleared up. Once the bank took a $8k check and put only $800 into the account then proceded to bounce several checks of mine . I fought with the branch manager for almost a year . She only wanted to give me a portion of the bounced fees back. In the end I got it all back because I wanted to go over her hear to clear this up.
-------------------- SLP#3579 LE#1533 A pair of 35th Anny drinking chairs. Every thing else is just "Fluff" Rio Grande "Swim" Coach Posts: 3091 | From: Canton Mi. | Registered: Oct 2002
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quote:Originally posted by 35TH ED/ed: Glad to hear that it got cleared up. Once the bank took a $8k check and put only $800 into the account then proceded to bounce several checks of mine .
I'm not completely out of the woods yet on this, as they have yet to respond, but I'm pretty confident it will be cleared up as I'm waiting for the deadline.
But I also had a somewhat similar situation a few years ago where I had a balance on my Amoco card after a trip, and it showed a minimum payment of $10, with a balance of $67. I sent them a check for $50, but somehow they only applied $5 to the account and the next bill had past due charges on it!!! I checked with the bank and sure enough they cashed it for $5. I asked them why since it was made out for $50. The bank told me the printed amount was the MAX they could pay out on the check, but could cash it for less if the payee desired (unlike the bank depositing only part of your $8K check, which wasn't being cashed). I'm still not sure how Amoco would ask for less than the printed amount, I'm thinking their bank goofed. I have no idea how their accounts receivable works, however.
Anyway, I called Amoco and they were real cool about it. I offered to send them a copy of the cashed check to prove I tried to pay them more than the minimum, but they said it would be very unusual for anyone to send just $5, so because of my stellar payment record with them, they took off all the past due charges and I just sent them the amount for the balance.
So I guess there's more financial advice here. Don't leave the bank until you count your money after cashing a check. As good as they usually are, they still make mistakes sometimes.
Posts: 577 | From: Aiken, SC | Registered: May 2002
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"That's what I've been saying, it's NOT my account so you need to get it off my credit report, because you just said it's NOT my account."
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