How Can I Get a Second Mortgage That Shows as Transferred Off of My Credit?
Lenders sometimes send or sell mortgage accounts to other lenders or in some cases, accounts are sold to collection agencies. These accounts are listed on a credit report as transferred, according to Experian. Under the Fair Credit Reporting Act (FCRA), a transferred account that's paid as agreed can remain on a report for up to 10 years. Accounts not paid as agreed can remain on your report for up to seven years. After this time, bureaus are required to purge it from the report but bureau's don't always do so in a timely manner. If you have a second mortgage account on your report that has passed this time frame under the FCRA, you can have that item deleted from your credit report.
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Instructions
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Request a copy of your credit report. Federal law allows consumers to order one free report each year from TransUnion, Experian and Equifax. Order the free reports at AnnualCreditReport.com.
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Review your credit report and ascertain if the mortgage account is still present. Bureau information is updated frequently so data may have changed since you last viewed the report.
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Dispute the mortgage account online at the credit bureau's website. Use the online form to specify which account you're disputing and the reason for the dispute.
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Give the bureau time to investigate your dispute. Under the Fair Credit Reporting Act, bureaus have up to 30 days to investigate and delete the account. The bureau will send you written results of the dispute once its completed and an updated copy of your credit report.
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Tips & Warnings
If you've already received your free report for the year, you can still order one for a fee at the bureau's website.
You can also dispute the account with a credit bureau by mail or over the phone with a customer service representative.
Only order your credit report or file a dispute online using a computer that you trust is safe. Using a public or shared computer can lead to identity theft.
