Problems with Mortgage Companies’ Credit Reporting

Mortgage loan companies and mortgage servicing companies do not always accurately report on consumers’ credit history after such events short sales, foreclosures, and payment modification plans. In a short sale a lender allows the home owner to sell for less than the amount owed on the mortgage. Effective July 15, 2011, an owner selling a house or apartment building with four or fewer units in a short sale will not owe the lender a deficiency balance (Civil Code Section 580e). Therefore, after a short sale, the lender should not report the consumer owes any money on the mortgage loan. If...

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FTC Report on How Credit Bureaus Deal with Identity Theft

The FTC has a report out on a survey of 3,000 identity theft victims and their experiences dealing with the credit reporting agencies. The survey indicated that many consumers start out not knowing how the dispute process works under the Fair Credit Reporting Act. This is not surprising given the complexity of the matter and the counter intuitive requirement that the consumer contact the credit bureaus directly rather than going through the creditor that is reporting the inaccurate information. Among the identity theft victims who contacted the credit bureaus, 40% did not know they had the right to dispute to...

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Credit Bureau CoreLogic Knows Everything About You

Lenders will soon be able to easily check the deepest recesses of your financial life accessing information that never before appeared on your credit report according to a NYT report. CoreLogic, a credit reporting agency little known to consumers, is offering a new type of credit file based on the huge repository of consumer data it maintains on just about everything that most of the traditional credit bureaus do not: missed rental payments that have gone into collection, any evictions or child support judgments, as well as any applications for payday loans, along with your repayment history. The new report...

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Credit Monitoring Services Are Not Worth the Cost

Credit monitoring services advertise heavily in the media. For a monthly fee, they promise to alert you of any adverse changes in your credit reports. They are a waste of money for the vast majority of consumers. This is Liz Weston’s conclusion as she reports on the MSNBC Money site. There are many reasons they are not worth the costs. Number One–they lie. They advertise free credit scores, but the credit monitoring they are selling is not free. Consumers often sign up for and only later realize they agreed to make monthly payments when the bills start coming in. Some...

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Secretive Credit Bureaus Plague Consumers

Today’s Washington Post reports on virtually unknown credit bureaus such as L2C, an Atlanta credit bureau that collects consumer credit information from such sources as magazine subscriptions, cable bills, auto warranty companies, prepaid cards, payday lenders, and rent-to-own companies. L2C’s reports cover the 30 million people who live on the margins of the banking system. L2C is not the only credit bureaus that are virtually unknown to consumers. ChoicePoint, which is owned by the parent company to LexisNexis, sells reports to creditors based on tax assessments, and criminal histories. Chex Systems, TeleCheck and SCAN report to banks and others on...

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