Here is the deal. I refinanced two loans (AUTO Loans) into a single loan with a bank that I have been doing business with for about 6 years. I was told not to make the payments on both loans while the refinance was being processed. This I found very odd, but I made payments on one of them just to do so.
The refinance took about 6 months to get properly processed because we were waiting on my Direct Deposit to come through so a direct debit for payment could be set up with a decreased interest rate.
The reason my direct deposit took so long was because the bank rep kept giving me the wrong account numbers. This happened four times in a row. Once it is done incorrect one time it takes about a month for the next try to go through. Long story short, it took 5 months to get correct after the 4 incorrect acct #’s the bank rep gave me.
I pulled my report last month and they are showing 180 late on one of the loans to be refinanced. I asked for a reage of the account based upon the bank rep telling me not to make the payment, but I haven’t got a response yet.
Is there any legal threatening action I can take here to get a quicker response to this request??
Thanks.
You can go talk to the bank about it and they can go in and change the report for you manually, I have a company going in as we speak and pulling negative information off my report. They said that they have to go in manually and do it, it can be done, they have to go in manually and do it. Go talk to them, sounds like you have a well developed relationship with them and they should do this for you. Good luck, hope this all works out for you.
Since the payment has been 180 days late, it has been considered delinquent and reported as negative in your credit report. It cannot be removed and will stay there for seven years from the date of first delinquency towards the debt.
There are some Federal laws which a creditor must follow if he re-ages your account. Firstly, the account must be at least 9 months old and the debtor has made at least three consecutive monthly payments on the debt.