I recently applied for a mortgage for my first home. I worked hard to improve my credit and save up for the 20% down payment. I have ran credit reports, but never reports including all three credit reporting agencies.
My mortgage lender notified me that I would not be eligible for a loan until a collection charge on my account was cleared up — ECMC claimed that I still owed them over $20,000 in loan payments.
About 5 years ago I completed the loan rehabilitation program through ECMC. All of my loans were turned over to the Dept of Ed, and I have since consolidated and made regular payments. I no longer have any loans with ECMC. When I contacted them, they confirmed this fact. I have now been on the phone with ECMC for over a week trying to get the matter cleared up.
Ideally, I'd like it off my credit report, but for now all they are required to do is contact my mortgage lender and let them know that the credit report information is false. They have refused to do that—transferring me from one department to another, dropping my calls, "not receiving" documents when they are faxed or emailed to them. I may lose the house I want to put an offer on due to their negligence and unhelpfullness. After a week of this, I am considering legal counsel because I don't know what else to do.
I find it deeply upsetting that a company that counsels people on resolving credit issues and disputes has destroyed my credit and is ruining my chances at a home purchase, and is apparently doing nothing about it.
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