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...


Consumer Gets Credit Ding After Donating Motorhome

In July 2010, one of my clients put an ad on CraigsList offering to donate her motorhome to a charitable organization. She received a call from an organization that picks up vehicles, sells them, and sends the proceeds to a charity of the owner’s choice. While waiting for a representative to pick up the motorhome, the owner received a a Mr Bob Kaufman who said he was coming to get the motorhome. The owner said OK thinking he was with the group that works with charities. Turns out, Kaufman was acting on his own. Investigating the matter, we found an...


Inaccurate Credit Reporting on Mortgages Hurting Consumers

Banks and their mortgage loan servicing companies are increasingly reporting consumers late on mortgages when they were not late and even when the mortgages were paid in full. Reuters reports on these inexcusable practices causing consumers no end of financial problems. Homeowners are finding that mortgages they thought were dead and buried are springing back to life. Sometimes, the end result is a foreclosure. “It’s the most egregious manifestation of an industry that’s seriously broken,” said Ira Rheingold, director of the National Association of Consumer Advocates. An attorney with the National Consumer Law Center has seen hundreds of foreclosure cases...


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...


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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