I sold my house in early February of this year, so it's been just about 3 months since my mortgage has been paid off. I had to do a short sale because I relocated for work and the housing market was really down. However, before the sale, I wasn't able to pay my mortgage for a few months, so I have a 120-day late payment on my credit report from December, and that's the last entry. I received a notice from the mortgage company a few weeks ago stating that I had paid the loan off satisfactorily and in full.
The mortgage company hasn't sent an update to the credit bureaus yet stating that the loan has been closed and paid in full. I have a few questions:
1) Assuming they report it as "paid in full", will this hurt or help my credit score? I'd assume it would help it since it would no longer show that I'm 120 days late on my payment, even though I'll no longer have a mortgage on my credit report.
2) Should I contact the mortgage company to request that they send an update to the credit reporting agencies, or should I submit a dispute?
I'd like to get my credit report updated properly, but also don't want to upset the mortgage company so that they change their mind about reporting it as "paid in full." They obviously did me a huge favor by accepting the short sale, and I'd just like my credit report to be accurate.
Closed Mortgage Not Showing Up on Credit Report
- nisiprius
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You could just try correcting your credit report online.
A few years ago I had my credit card company issue an additional card for my daughter to use, so her name got added to the account. When I got my free annual credit reports, one of the three agencies was listing my daughter as my wife! In addition to creeping me out big-time, it goes to show just how much care the credit bureaus take with their work and just how accurate they are.
There was an online form for submitting corrections, I just typed in all the stuff they wanted, and said simply that my daughter was my daughter, not my wife. I got some acknowledgement about six weeks later--I believe it said the report had been corrected. Anyway, next year it was fixed.
I can't speak to the issue of upsetting your mortgage company, but presumably the credit bureau will respond to your correction by putting their crack investigative team onto it querying the mortgage company--but they'll know the right channels and whom to ask. Quite possibly it will all be done robotically--and it will likely be different people than the ones you were talking to.
A few years ago I had my credit card company issue an additional card for my daughter to use, so her name got added to the account. When I got my free annual credit reports, one of the three agencies was listing my daughter as my wife! In addition to creeping me out big-time, it goes to show just how much care the credit bureaus take with their work and just how accurate they are.
There was an online form for submitting corrections, I just typed in all the stuff they wanted, and said simply that my daughter was my daughter, not my wife. I got some acknowledgement about six weeks later--I believe it said the report had been corrected. Anyway, next year it was fixed.
I can't speak to the issue of upsetting your mortgage company, but presumably the credit bureau will respond to your correction by putting their crack investigative team onto it querying the mortgage company--but they'll know the right channels and whom to ask. Quite possibly it will all be done robotically--and it will likely be different people than the ones you were talking to.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.