07-25-2011 07:04 AM
07-25-2011 08:54 AM
You can actually go online and setup a dispute about your late payments. So when they pull your credit for the house, they will see the dispute. I had two public records on my credit report when we bought our house but I was disputing them. Did not affect me getting a house.
As someone who works for a mtg company fixing credit I'd advise against disputing them if you're going for a home. FNMA and the other GSEs make it very difficult to close a loan with accounts in dispute now.
07-25-2011 10:42 AM
07-25-2011 02:43 PM
07-25-2011 05:53 PM
I am having difficulty following some of the specifics of your complaint.
First, you admit that you completely failed to make some payments on time. And that when you did make some payments, you paid less than the required minimum amount. And that those failures occurred "Earlier this year".
You are very upset now. Because HSBC is currently reporting to the credit bureaus that you are currently 30 days late on your payment. And you are worried that your ability to obtain a home mortgage loan, could or will, be scuttled by HSBC reporting that you are currently late. Instead of having previously been a late payer, who is now currently caught up.
Do I understand that much correctly?
What is not clear to me is this - Did HSBC report you as being late earlier this year, at around the time that you did fail to make timely payments? And they are now reporting that you are still, or are again. Currently late with your payments? Or did HSBC somehow neglect to report your late payments earlier this year? And instead, they are now currently reporting that you are currently late? That's the part that isn't clear to me.
I get the impression from your frustration, and remarks. That you seem to believe that if your Credit Report correctly shows that you were late in making payments earlier this year. But that you are currently caught up. That that would not impede your ability to obtain a mortgage loan. Because now that you are have caught up on your payments. Your failures of the recent past would not be held against you. If only you could get HSBC to correct the dates of your late payments.
If that is what you are thinking. If that is the crux of your angst. Then I regret to inform you. That the fact that you are currently making payments on time. Does not excuse any of those late payments from the recent past. Those late payments will remain on your Credit Report for years to come. For as long as 7 years.
You are asking a mortgage company to loan you a huge chunk of money. Because of your promise that you will make your monthly payments on time, every month. For the next 30 years. Which means making 360 consecutive monthly payments, on time. The fact that you have made this months Credit Card payment on time, is better than if you were still past do on your accounts. But it does not go very far in mitigating the fact that you recently failed to make a number of payments, on time.
So. If you think that the only thing that will prevent you from being approved for a mortgage loan. Is the incorrect report that you are currently late with your payment. And not the accurate fact that you have recently been late with a number of payments. You are mistaken about how credit scores are computed, and credit granted. It is your complete history that counts. Not just what you did this month. -
I don't blame you for wanting your current timely payments to be recognized on your report. Every little bit helps. But that isn't the only significant hurdle that you face.
07-25-2011 08:36 PM
I appreciate your informative insight. The issue I am having is the fact that they are just now reporting issues that took place months ago.
I understand the fact that I was indeed late. I know that my current state or record of payments does not and will not excuse issues form the
past. That is not what I'm upset about.
I just do not understand why the reports are just now hitting the score when the issues took place months ago. If this would have happened
last month, that is understandable. HSBC reported me being late, as they should of. My fault. However, they are reporting me being late
to the beauru's now which is not the case. The report's show the date's on them from the timeframe of 3-4 months back and are just now, this
month going on the report. Perhaps this is normal? I don't know. Perhap's they neglected to make the reports at the proper time?
Regardless of what the case is, the fact remains that the report was affected in current day from issues in the past.
07-25-2011 08:43 PM
Well, unfortunately, they are reporting the credit history as it is. You were previously late on your payments, and while it may have taken them a few months to report it, they are now reporting it.
07-26-2011 08:27 PM
Welp, Thank You all for the interesting information and insight. The issue remains unresolved. I have been further educated with this post
and all the great replies.
HSBC, after numerous phone calls during the past week, has been zero help and assistance. I was hoping to have a conversation
with Sarah as mentioned from Ryan in an earlier post, but that too resulted in a negative.
I called HSBC when I got home yesterday. Although I didn't want to delay our goal any further, I decided with the situation at hand that
it was of my best concern and option to pay the account off in full and wash my hand's with them. That being said, I am now finished
with HSBC as well as BB.
Again, I thank you all for the replies and if I have offended anyone with any or all of my post's, I extend a sincere apology.
I will mark this post resolved.
07-26-2011 08:35 PM
That being said, I am now finished with HSBC as well as BB.
Well, the only thing I still find odd is that you are done with Best Buy because you were late on your payments and the bank reported it.
07-26-2011 08:50 PM