Just like a previous post, my husband's car note went from GMAC to Centrix to FlatIron to Peak 5 and now SST. From the get-go, we've had nothing but problems
SST took over the loan at the end of November 08. I still sent the December payment to Peak 5 because we hadn't received anything from SST. Then mid December, we received our first statement from SST that we were two months past due.
My husband called them many times over the holidays and told them Peak 5 got the payment. We even faxed proof of the cleared check. He was told that it would be cleared and we'd be up to date.
I pulled our credit reports a couple of weeks ago, and wouldn't you guess it... He's got a 30 day late from SST for the month of February. I printed my bank statement and found the cleared check for the February payment.
It's not LATE!
I sent them a dispute letter by certified mail, including copies of the cleared check and credit report. I even filed a dispute with Experian.
I checked the credit report again today to see if they removed it. They removed it alright... NOW they are reporting December 08 again.
This is a very aggravating situation because we are trying to buy a house and instead of this showing up as a positive item, it's counting towards negative. I don't know where else to turn.
Who regulates these third party servicing companies? What rights do we have? How do we get someone else to service the loan?
I called Team Howard of Clark Howard. They said I could try filing a complaint with the FTC, which I did. And I filed another dispute with Experian
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