Navy Federal Credit Union Violation of FRCA?
This contact letter is in regards to my consumer loan accounts -01 and -02. I just recently checked my credit report because I am in the market to purchase my first home in Lexington Park, Maryland, and I noticed some disturbing information. It seems that your company reported my on numerous occations for being 30 days late on each loan account. This information is false, and your company is in direct violation of the Fair Credit Reporting Act. The reason these accounts were reported as late, according to your customer service, is this is the time that I requested a one month grace period because my mother died in September of 2004, and I had to pay for the funeral service. My father passed on a few months later in February of 2005. I notified all my creditors and told them of the situation and was given a payment plan. The extention from your company was granted from the Branch Manager in Brunswick, Maine. All the payments that I made after that were paying the previous month
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Pay off the account and close it. Wait 30 days or so. Then send in a dispute letter to the 3 credit bureaus – not to Navy Fed. Tell them your name, ssn, address, acct name and #, and that you are disputing the account payment history. THAT’S ALL – don’t tell them anything else yet.
In a week or so you will get a confirmation letter and in 30-45 days you will get a response letter. When you get their results, find another fault with the account (just the truth please) and dispute it again. If Navy Fed does not respond in time (30 days), the account gets deleted.
This is what we call a rolling late payment – you were late ONCE but the creditor is reporting every payment as a late payment. It may be legal, but it isn’t ACCURATE and that it your basis for disputing the account.
Good Luck
Your screwed and there’s nothing you can do now that it is reported on your credit. You can pay it and it will show paid. Snooze you loose.
Unfortunately, even if a lender does grant an extension, they will and legally can report you for being over the 30 day period.
Most consumers do not realize this, and any payment plans or arrangements still do not supercede the payment schedule outlined in the origional loan contract.
Unfortunately, there is nothing that violates the FRCA, and you will only cause the lender to refuse to work with you in the future.