What Happens If I Get A Late Payment While Under Mortgage Forbearance?
For those that entered into a mortgage forbearance, it may be time to check your credit report. In the event that a mortgage servicer incorrectly placed a late payment on your credit report during the term of a mortgage forbearance, it’s important that you take action to resolve this mistake quickly. Here are a few steps you can take to find a resolution:
Contact The Mortgage Servicer: Under the deferral or forbearance agreement, it should be noted that the account will not be reported as late during the deferment of your loan. If so, review the terms of the agreement with your mortgage servicer and ask them to remove the errant late payment(s) from the credit report.
Dispute The Late Payment: If you have a copy of your deferral or forbearance agreement, you can send a copy along with a written request to the credit bureaus to have the late payments removed. Reference our blog on how to dispute an account with the credit bureaus for more information.
Get Professional Help: At Premier Credit, we can assist with both the dispute process and direct creditor contact to find a resolution to inaccurate or unverifiable late payments reported during a mortgage forbearance. Schedule your Free Credit Evaluation here.
In this situation, the more proactive you are the better. Late payments have a major impact on your credit health, and if the late payment was reported in error, it’s your responsibility to have it removed or fixed. For more information about healthy credit, check out our website at www.premiercredco.com.