Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
yama0ha

0 Contributions
0 People Helped
mortguage buy out
my note was sold from bank of america to m&t bank. why do i have to suffer with the now 0 year 1 month status of this loan on my credit report that i had no choice in the sale. i have been paying on this house abouy 15 years now?? why????

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7362 Contributions
3808 People Helped

When you check your credit reports (hoping you do so annually as advised) you should find on the report under Bank of America that the account was sold and the date.  Then it should show the name of the company that bought it.  There is the distinct possibility that each of these mortgage holders report to a different credit bureau.  Creditors do not report to all 3 credit bureaus and the credit bureaus only occasionally speak to each other.

It is not uncommon for mortgages to be sold, so  this should not have a major effect on your credit score.  Future lending decisions are made on a variety of factors and not generally on just one ot two specific items. 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.