Posted on: 16th Sep, 2009 03:06 pm
Hello
I don't know why 2nd mortgage shows in my husband's credit report as charge off when what we did last year was a loan modification. We are paying this mortgage current since then.
He disputed and the Credit Bureau results were that information was accurate. He called mortgage company and they said that when the acct was late it went to Recovery dept and it was charge off and they can't change that.
Is this right?
Please help me.
Thanks
I don't know why 2nd mortgage shows in my husband's credit report as charge off when what we did last year was a loan modification. We are paying this mortgage current since then.
He disputed and the Credit Bureau results were that information was accurate. He called mortgage company and they said that when the acct was late it went to Recovery dept and it was charge off and they can't change that.
Is this right?
Please help me.
Thanks
Hi karybaez,
Your original mortgage company charged off your loan. It means that they thought your loan could not be recovered and sold it off to another mortgage company or a collection agency. This is the reason why the account shows as charged off on your credit report. However, it's good that you have got current on the loan and if you just keep making your payments on time and pay it off, it will definitely have a positive effect on your credit score.
Your original mortgage company charged off your loan. It means that they thought your loan could not be recovered and sold it off to another mortgage company or a collection agency. This is the reason why the account shows as charged off on your credit report. However, it's good that you have got current on the loan and if you just keep making your payments on time and pay it off, it will definitely have a positive effect on your credit score.