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| *Loan,banking and credit>>>bad credit mortgage |
I paid off my mortgage, all 3 credit agencies took it off my report. Is this bad? |
I paid off my mortgage about 3 months ago. All 3 credit reporting agencies took it off my reports. The payments were always made on time. There was never a late payment. Should the agencies leave this item on to show credit worthiness, or is it better to leave it off? I would like to buy a new house next year. Any advice is appreciated. Thanks! It would be better if it is reporting as paid/closed and all payments made on time, but welcome to the world of credit reporting. No wonder some people believe that 70% of credit files contain some mistake. You can do 2 things. 1) Write the credit bureaus with the creditors name and account number and ask that it be reported again. If you have old copies of your report that show it reporting then send copies of that in as documentation. 2) Contact the paid mortgage company and ask them to report to all 3 of the credit bureaus your paid on time,in full status. If they won't report get a letter from them stating that your mortgage was paid in full and all payments made on time. Typically mortgage underwriters like to see at least 3 open accounts reporting(which also has a positive effect on your FICO credit score) to approve your mortgage at standard rates. Worst case you will have to provide a letter like mentioned earlier as supporting documentation. But if the rest of your credit is positive then it is likely you have a decent FICO credit score. Good Luck They should not have taken it off. Your payment history shows you are a good credit risk based on your consistently paying your mortgage on time. If you're looking to buy another house soon it would be good to show potential creditors your excellent credit history with your previous mortgage. The credit agency cannnot remove items from your file. Double check your reports, verify that this has really happened. Your record of payments on a mortgage should remain on file for 7 years after the last date it was reported by the creditor. it.should still be on your report. It should still be on there with a paid in full status on it. If they completely removed it that is weird. I would want that i have paid of my house to stay on my report so other creditors can see how well i did. SO find out how you can get it back on your report. And ask why is it not showing. Wow thats odd. It should have stayed on it for 7 years. Unless there was no updated info relayed to all 3 and it came off after 7 years. I would call them and check on why it came off. |
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