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Posted in Mortgage
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Question By
virginialily

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My mortgage sold/transfer and my score tanked!!! HELP!
Hi,

Last month, I found out that my mortgage was sold from Bank of America to Selene finance, when I signed into Credit Karma and saw that the loan was 'paid off.' This week, Selene showed up on my credit report as a new loan and my credit rate dropped 55 points. I think I passed out a bit when I signed in and saw my score. I had NOTHING to do with this and I don't feel its fair for my credit to take a huge hit when Bofa decided to sell the portfolio my mortgage was in. Can I dispute this with the credit reporting agencies? Will it do any good? I have been working on repairing my credit for about a year. In July, I brought two new cars and my credit score dropped thirty points with all the credit inquiries, but no big deal. I was already on my way from recovering from that when this happened. This is huge. Any advise?

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Mortgage Sold

Is it trade line for Selene listed on your report as "transferred" or "sold"? Accounts that reflect a status of "transferred, sold" are derogatory by nature. Unless this was a collection account which I assume it is not, I would dispute the trade line and ask them to remove the remarks from it. Hope this helps.

Reply by
virginialily

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I have to check to see what it says. I am definitely going to dispute it then. My score is lower now then when I first started trying to repair my credit!! All my accounts are current, and have been for over a year. My score should not be listed as very bad. 

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This happen to me. I was told  this will level out.  One closes then another opens.  After a few payments on the new loan it will go up

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