Complaint Review: Select Portfolio Services

Because they didn't report information correctly on my credit report indicating that my mortgage was unpaid for a number of months (EX: September, 2005 up until I refinanced in February, 2006)even though I was able to refinance this horrible loan with a different loan company it was brought to my attention that this erroneous information was on my credit report.

Even though they sent information to me that this note was paid in full it is still showing as being late. I have never been late on this loan or any other loan. This is affecting my livelyhood as a home builder and is hampering my ability to seek financing for future properties. I was told today by Countrywide that this mistake can take between 30 to 60 days to be corrected and this is enabling me to get a decent interest rate on a purchase of a distressed property as the lender needs to have a pre-approval letter from the lender. The lender quoted me an interest rate of 11% compared the interest rate I could get if this blemish was not listed on my credit report. Why does it take so long for them to correct these mistakes but it only takes them seconds to put this erroneous information on your credit report.

Andrew
Lincoln, Nebraska
U.S.A.