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Posted in Mortgage
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alyssch

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How do I get an incorrect home loan late payment removed?
My report shows I had 1 late payment for my home loan. I use a 3rd party that automatically withdraws payments every other week. Because it is an automatic withdraw, it is impossible for me to be late on a payment. How do I dispute this late payment claim and have it removed from my credit score?

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You can duspute the derogatory remark with each of the 3 credit agencies (Expiran, EquiFax, TransUnion) online and argue your case... Make sure to include that you were using a 3rd party payment processor, when the payments were drafted from your account, and when the late payment was received to the lendor. If the payment was less than 30 days late this should be easy to get removed, BUT! If the payment was more than 30 days late you may not make much headway in getting this removed.

Ultimately it is your responsibility to ensure that the payment is received on time, every time. If you mail a check and it gets lost in the mail, it is still your problem, using a proxy service, common carrier, or carrier pidgeon it is still your job to ensure it gets delivered. This is doublely so if you are using a 3rd party to draft your checking account automatically when your mortgage company has the same service.

You may also make some headway with working directly with the lendor and presenting the same information with an explanation. Provide reasons why you use the 3rd party payment service, (such as: I cannot have weekly withdrawls) and appeal to their good natured selves, but don't get upset if you hit a brick wall.

Lastly I would get a Lawier to Review the EULA of your 3rd party payment processor and draft a nasty letter, you may be able to seek damages due to their neglegence in delivering the service you pay them for.

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