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Posted in Mortgage
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applest

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loan on our report that is not ours
A loan is on our report that is not ours. Told the bank and they said they fixed it but it still is showing up. What do we do?

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30 to 60 days!

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Thats the length of time for things to get rectified on your reports.  CRA's (credit reporting agencies) process information at a snails pace. Its an antiquated sysem with each finacial institution reporting things once a month. So even if the bank notifies one CRA of the delition of an account it can take another month before the info is shared with other companies.

If you are trying for a new loan, you can write a letter to the mortgage company and ask them contact the CRA's to clear this off your report right away. (this may incur a processing fee to you)

You can also write to the CRA's and and them to verify the loan. That will cause an investigation on their end, but that will keep it on your report as "being Investigated" until it's cleared up.   There are "Verification Letter" templates on the web. Try googling " Credit Info Center"

In the long run, it just takesTime  

Good Luck

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