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Archive for October, 2011

Credit Score Question

October 19th, 2011 at 04:28 am

I finally put on my big girl panties and ordered my credit reports and credit score to make sure all was in order. Thank goodness I did, because I noticed a HUGE error in regards to my old mortgage. About 2 years ago, I gave up my house through a Deed In Lieu of foreclosure. It went as planned as far as I was concerned...I got the confirmation that it was back in the banks name and my loan was closed. I got no further communication from the mortgage company since then.

About a month ago I got my credit reports from both Equifax and Trans Union, both claimed that the mortgage loan for $500K was still open AND I was over 120+ days late on it. WTF!!!!!???? Of course I called the mortgage company right away and they confirmed it was closed through a Deed In Lieu 2 years ago and they have no idea why the credit bureaus were never notified. Supposedly they will be informing all 3 credit bureaus the correct info within the next 10 days.

Here is my question:
My credit score now is 589. (Horrible I know!!) With them thinking I still have a $500K loan under my name and over 120 days late on it.
After this information has been rectified to a Deed In Lieu in 2009. Do you guys think my credit score will go DOWN? Or go UP?

I was optimistically thinking it was going to go up after the correction...but the more I think about it, I think it might actually go down instead. What do you all think?