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| *Loan,banking and credit>>>loan rate |
Can I request that the loan company change my interest rate after finding out my credit score was inaccurate? |
Equifax is reporting an unpaid civil judgment when in fact it was paid over seven years ago. It is also falsely reporting a federal tax lien. I am disputing this info with proof and after these two items are taken off, my credit score will be higher. The loan company only uses Equifax. Do you think that the loan company will give me a better rate after it is discovered that my credit score at the time the loan was made was inaccurate? What do you think? I am requesting to the loan company in my letter to them today that my interest rate be later changed to reflect the true credit score since their interest rate is "base upon" that score. Thank you. What type of loan is this, and how much of a difference is it? When you write to the loan company, find out if your credit report was used to determine your interest rate, and what they WOULD have charged you if those items were not on it. Make them give you this info in writing. Then request the lower rate. If they won't give it to you, then read the Fair Credit Reporting Act. You will find that if the credit bureau or creditor reported an incorrect item on your history that cause you to lose a loan, pay higher interest, or in any way caused you damages, you can sue them to recover those damages. This gets a bit tricky, and you may want to consult with an attorney familiar with FDCA and FCRA lawsuits. If we are talking about a mortgage loan, then you are being damaged by thousands of dollars and it would be worth your while to look into this. You can always call a credit card company and request a review to lower your rate. it is best that you go to that bank and explain your concern Yes, you can ask, in fact insist, but not rudely. If the company is reputable, they should make the correction. Yes you can always request a rate reduction. I just did this on a home equity credit line I have and it was reduced by over a full percentage point. You may need to do this after the dispute is resolved with Equifax. You can do the same thing with credit cads; I recently complained to Discover card that their rate was way out of line and they reduced it by 7 percentage points. You can dispute items with a credit bureau as simply as saying " this does not belong to me" in a handwritten letter. Expect it to take 30 to 60 days before any change is reflected on your credit report. You have to watch like a hawk, though. When they think you are not looking they will start to sneak the interest rate back up again. Years ago I had Discover Card reduce my rate and the rat-bastards eventually crept it right back up again, to the point where I stopped using the card. By the way, Bender, the answerer below me, does not understand how credit bureaus work. All you have to do is to send in a dispute letter, and it does not matter whether the dispute is legitimate or not. Even on a legitimate derogatory item, send in a dispute letter (this is not mine, never had such an account, must belong to someone with the same name as me, etc.) The credit bureau has 30 days to verify the item. If somewhere along the line someone screws up and does not get the verification out in time, then the credit bureau is required by law to remove the item from your credit report. I have successfully done this on my own credit report and have had around two dozen valid negative items removed. The reason why most people don't do this is because they do not know it can be done. Even the credit bureaus will tell you it cannot be done, but guess what? It can. I have done it, not once, but a couple of dozen times, if not more. The name of the game is not just about removing an incorrect item from your credit report, it is about removing ANY item you do not want on there. It can be done. I would not even waste my time asking, or telling the loan company anything now! They are going to use your credit rating as it stands at this moment. If all it took was calling them up, or writing a letter to say ones rating was false in order to lower an interest rate, everyone would be doing it, whether it were true or not! Wait until the matter is cleared up at Equifax, then call/write your lenders, you might even ask Equifax to sent you some form of written proof that these thing were bogus and once discovered were removed from your report. Also, make sure you do the same at the other major scorers as well! |
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