My mortgage was sold.. and then this!?

Question

My mortgage was sold to Chase Bank, and the old mortgage company has put lates on my credit report. I have never been late. My mortgage was sold in October and they reported the lates for Oct and Nov. I have called the old mortgage company and they said "its not our worry anymore, if you want it off dispute it with the CRA's (trans, equ and exper) Is this the only recourse I have? I have good credit and these lates are hurting me.. I have already had Amex decrease my limits on my cards because of these lates. Isn't there something under RESPA that could help? I just need advise!
THANKS

Answer 1

TITLE 12--BANKS AND BANKING

CHAPTER 27--REAL ESTATE SETTLEMENT PROCEDURES

Sec. 2605. Servicing of mortgage loans and administration of
escrow accounts

Section D, E & F

http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=browse_usc&docid=Cite:+12USC2605

Answer 2

Even though this is a pain you will need to file a dispute with all 3 credit bureaus:experian, equifax, and transunion. You can dispute online. The lender will have 30 days to prove you were late. If they cannot do this or do not respond the lates are removed. You could also call Chase and ask them when they show your Oct and Nov payments were received ; then get a copy of your cancelled check to see when it was cashed. If you can prove it was cashed before it was late you could send in your cancelled check copies to a supervisor so they could fill out a form to the credit bureau to remove. However, this is also going to be time consuming and you do not have a guarantee Chase will correct. So, I would recommend to go with disputing with the bureaus.

Answer 3

You simply need to contact the credit bureaus and prove with your payment receipts that you were NOT late. If you dispute a credit report item and the company which issued the late item fails to respond to verify same, the CRA's are required to remove it.