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DrakeLAW
DrakeLAW, Lawyer
Category: Real Estate Law
Satisfied Customers: 557
Experience:  Attorney at Drake Law Firm PLC
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Is there any law that requires a private mortgage company

Customer Question

Is there any law that requires a private mortgage company lender to report a new mortgage loan and on time payments to my credit?
I live in Massachusetts
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  DrakeLAW replied 1 year ago.

Hello and welcome to JustAnswer, my name is ***** ***** I am an attorney. Please note:This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. This question and response may be viewed by other parties as noted in JA’s terms of service. By continuing, you confirm that you understand and agree to these terms. By continuing, you confirm that you understand and agree to these terms.

There is no law requiring people or entities to report to the credit bureaus, the laws only state that IF a party is going to report the credit bureaus then it must do so accurately. Does that answer your question?

Thank you for your question. It has been my pleasure to assist you and I welcome you to request my assistance in any future legal questions you may have, by simply placing my name in the first sentence of your new question. Finally, please be so kind as to promptly rate this answer so that it may be closed in the system. I wish you the best in your endeavors! -Rich

Customer: replied 1 year ago.
If they haven't reported for 4 years and now I have brought about a legal case and am not paying the mortgage until this is resolved can they now report the negative (non-payments) when they have never reported the on time payments?
Customer: replied 1 year ago.
how could I reference this law? Book and page #? Or law name?
Expert:  DrakeLAW replied 1 year ago.

Yes, they can report negative non-payments if that is in fact true and it does not matter that it is because you are withholding payments due to a lawsuit. However, having them change those negative non-payment entries to paid on time as a settlement in a lawsuit can certainly happen.

The law covering this is: The Fair Credit Reporting Act, 15 U.S.C. § 1681 (“FCRA”). Any reasonable google search on this topic will produce a ton of information including many links to the actual laws themselves.

Customer: replied 1 year ago.
Thank you
Expert:  DrakeLAW replied 1 year ago.

My pleasure, and best of luck.

Customer: replied 1 year ago.
Thank you
God Bless
Expert:  DrakeLAW replied 1 year ago.

Please kindly rate and accept the answer so that the question may be closed.

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