Questions...

[elizabeth99]

What is the name of your state? IN

I don't know if I am on the right section or not but hopefully one of you can help me here. Concerning what is reported on a credit report...

In January of last year (2005) my husband's employer restructured and eliminated his departement (they outsourced from then on). Prior to this event we purchased a new house (August 2005). We had been making payments on time and all that. In Jan. I called the mort. co. and told them of the unforseen event (job loss). The loan is in his name only, btw. They said since we were current they couldn't do a thing for us...we had to be like 1 month behind at least adn then to call them back. Well, after a month we went through loss mitigation to save our house. They allowed us to make 1/2 payments through and including July. By time they got paperwork through we were like 2 months behind. We were told that they would not report a thing to the Credit Bureau as long as we paid as directed. Which we did. we were told after we were done with Loss Mitigation that the Credit Report would show that everything was paid on time.

When I checked the report about 2 months ago it was showing he was late all those months plus in Repo. I checked here recently and it doesn't have anything for those months and the Repo marking is gone.

Question 1: Can they not report anything for those months? Don't they have to report paid on time? It dropped my husband's credit score quite a bit....

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The 2nd issue, same time (job loss) we contacted the loan company for our Jeep. My husband's name only is on the loan. When he got this loan though he signed up and paid for unemployment insurance. We were given this line of being behind a month b4 he can file and receive the benefits. We filled out the paperwork each month to send to the insurance company.

The loan company reports that it was paid late each of those months. Can they do that when the insurance company was paying those payments? We were told that purchasing that insurance (the loan company offered it to my DH) would protect him on that too.

Thanks in advanced...

[Ladynred]

Question 1: Can they not report anything for those months? Don't they have to report paid on time? It dropped my husband's credit score quite a bit....

They don't HAVE to report anything. BUT, if they DO report it must be accurate, complete and verifiable. If they too the lates and the 'repo' off, count your blessings !! Is it reported as 'pays as agreed' ??

The loan company reports that it was paid late each of those months. Can they do that when the insurance company was paying those payments? We were told that purchasing that insurance (the loan company offered it to my DH) would protect him on that too.

That type of 'insurance' can be very tricky and you'll have to read ALL the terms in order to find out EXACTLY what they will or will not do. Do you have any way of knowing if the payments were actually made ON TIME and did they pay the FULL amount of what was due ??

[elizabeth99]

No, not reported as anything, not even the "paid as agreed".

I do believe that the insurance did pay late every month. I will check into it and see if I can obtain other information.