Dave
Jacksonville,#2Consumer Suggestion
Mon, January 27, 2003
A mortgage consumer is entitled to have their good (or bad) payment reported to the credit bureaus. It is a violation of the Fair Credit Reporting Act to not provide that information. It is a common tactic of predatory lenders, so you can't refinance your bad loan with them for more favorable terms with another institution, because you don't have any record of timely payments on your credit report. File a complaint with the Office of Thrift Supervision. This bank is in violation of federal law if they are withholding your credit information. Do an internet search under "predatory lending" or "truth in lending", and you will discover the applicable laws. This bank has been flying under the radar long enough. They get away with it because they have mandatory arbitration clauses buried in their paperwork, and they are a portfolio lender so they don't have to follow FHA guidelines for sales on the secondary market. World Savings Bank is a predatory lender.