I had a HELOC being serviced by EMC that I refinanced. The refi closed this past 3/26. The 3 day recission period ended 3/29. The title company that closed this HELOC got the payoff funds on 3/30. The escrow agent tried to wire the funds to EMC immediately but EMC told him, they DO NOT accept wire transfers (HUH???). He then had to get a certified check from his bank and because of staffing issues, was unable to to do until April 4th. He then overnighted the check to EMC.
Last week I had my credit pulled because I am buying a new home.
To my suprise I discovered EMC reported me 30 days late for April 07. I then discovered all of the information I stated above (as I had thought my HELOC w/EMC was paid on the 30th of March).
I contacted EMC and explained what happened and that I could provide them with all of the relevant documentation and that I want this removed from my credit report as it is negatively afftecting my credit score and it will end up costing my hundreds of thousands of dollars over the life of my new loan b/c of the lower credit score I now have as a result of their negative information.
To sum up and paraphrase what the EMC rep told me is as follows:
TUFF.
I asked to speak w/a supervisor and was transferred to a voice mail
Frustrated, I sent to the 3 CRA and the corp office of EMC, my HUD-1 from the refi, a letter from the attorney of the title company explaining essentially it was their fault and I should not be penalized, and a correspondence from me explaining what happened.
I phoned EMC again and got a rep who was a little helpful and gave me a fax number to EMC's research dept. I faxed it and got a confirmation.
3 days later the supervisor I had left a voice mail with called me back. She wanted to know what time the wire was received by the title company which I tried to explain did not matter as EMC would not accept a wire. She is insistent on knowing what time the title company got it. They got it at 1pm, and typically wires are accepted on or before 2pm.
In the meantime EMC is refusing to take this late payment off of my credit report and my interest rate on my new loan is going to be approx 2.5% higher than it would have been, had this not been on my credit report.
I understand that they reporting late payments is what these companies do, but when someone is providing documentation evidencing extenuating circumstances, it should not be looked at in such a black and white fashion.
I believe EMC is being MALICIOUS!!
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