Is there any legal action i can take against credit agencys that refuse to correct errors in my credit report?

Buford
I had filed for bankcruptcy 3 years ago. Two years ago I refinanced my house with a adjustable rate mortgage which is due to reset this October. When I did the refinance I rolled an existing second mortgage into my new loan. Since my bankcruptcy I have had a perfect payment history and have paid off several new loans to help improve my credit. Unfortunately the credit agencys are reporting the previous house loan and the second mortgage as included in the bankruptcy which they were not. Both loans were paid off with the refinance. I have contacted all three credit agencies numerous times, sent them the bankruptcy paperwork which showed the house as being excluded from the bankruptcy as well as the new loan which shows both loans being paid off. They still refuse to update my credit report. Since these show up in my credit as foreclosures/bankruptcy, I cannot refinance without paying a high interest rate. Is there any legal action I can take to get this resolved?

Asley
SCH is mostly correct, but let me correct an error.When you dispute a listing, all that is required from the credit bureau is to "verify" the debt. That means the contact the creditor and ask if the debt is accurate. The creditor says it is...and the report stays. NO PROOF IS EVER SUPPLIED. No investigation ever really takes place. The bureau is now off the hook.Before you can sue anybody, you MUST follow a very specific procedure in the Fair Credit Reporting Act that involves demanding validation from the creditor. See the link below as it gives an excellent timeline of exactly what you must do.Note that if they still do not remove this, and the judge agrees it should not have been listed this way on your report, you also have grounds to sue for any damages it caused. That include the higher interest rate you may have to pay on loans, or the loss of any loan.One last question...why are you not going to your attorney to deal with this? You know, that's they guy you paid hundred of dollars to in order to file your bankruptcy, and this is the guy who is supposed to fix these problems? If he won't help you, there is a growing number of attorneys who are starting to work with consumers on these problems. Where I live, there is a law office that works on a contingency basis...you pay the initial court costs and they don't charge legal fees unless they collect...and the other side will be the one who pays it. They usually take on obvious cases because it's a slam-dunk lawsuit they will surely win, so it's easy money for them. The funny part is they are usually collection attorneys, and may end up suing the company they work for! Doesn't happen often...they much prefer to go after competitors. Just don't give up. I look at it as winning the lottery! The reason these creditors get away with it is because you don't know the law, and don't understand your right. Once you show them you do, they will delete this from your report real quick.

Inell
Thanks a lot for the response, this has helped me quite a bit. The website you listed was a great site for credit information and repair and was a lot of assistance in the step-by-step process that I need to take. Thanks again!! Report Abuse

Cherise
Hi.This is a well recommended site for credit repair : http://qurl.com/ksh9f

Corrie
I doubt it. The laws in this country favor the corporations and limit any liability they have in regards to personal suffering (I spent two years in court with Wells Fargo home mortgage and ended up just having my credit "reestablished" after I paid them all the payments they had refused to accept). You will have a hard time finding a lawyer that would accept your case since there is very little that they can get compensation for.

Ivy
sue themtry this http://www.usalegalcare.com

Dwana
Try this website: http://www.creditsuit.org/It has LOTS of information. Search the site... if you still don't find what you need to know, try contacting the person who runs the site... however, if you ask her a question that she's already taken time to answer on the site, she probably won't have much patience... she seems to be quite a character. :-)

Rolando
Have you contacted the mortgage comapnies to find out why they have reported the items this way? The credit bureau does not choose on their own how to classify your debts, the lenders report to the credit bureaus. When you submit a dispute to a credit bureau they send the dispute to the mortgage company and the mortgage company sends the credit bureau "proof" of the debt and why it is being reported the way it is...so you need to find out why the mortgage company is reporting the bankruptcy was inculded in the bankruptcy.I know my primary mortgage is reporting that way and that is because before the rules changed in October, 2005 you were not required to sign a reaffirmation agreement on your primary mortgage (you were required to sign on secondary mortgages though, so my secondary mortgage doesn't report the same way) so my primary mortgage does not report any payments I have made, it shows the house was discharged in the bankruptcy. This is due to the rules of bankruptcy at the time of filing, so there isn't anything I can do about it, my lawyer explained this to me in debth before we chose to file though...