I had my mortgage sold to Sovereign Bank in 2000. They serviced my mortgage for approximately five years until I refinanced in 2004.
During my five years with Sovereign, I was 30 days late once on my payment at some time during that period. I am now selling my home and looking to get a mortgage for the new house. My credit score was awful. I ordered my credit reports online last night to find Sovereign Bank reported about five 60 days late and more than a dozen 30 day late reports with the credit bureaus.
I cannot believe they could be so incompetent! How can they just lie about this and why would they do such a thing? I am disputing it now and don't know how long this will take and if it will jeopardize buying my home.
I now have to go through my files and search for receipts which I paid at the bank, cancelled checks, if I have any, as one of my banks did not provide them, and provide copies of five years worth of mortgage receipts. Unbelievable!
I'm sure this process can get costly due to banks charging for cancelled checks and I'm not even sure how far back they are available.
I have now learned how closely one has to keep an eye on their credit reports. I am alarmed a company would continually report negative marks which have absolutely no truth. I won't do business with Sovereign Bank every again for anything.
Bad, bad experience with SOVEREIGN BANK!
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