There Are No Requirements On Lenders To Report Negative Informatio

There Are No Requirements On Lenders To Report Negative Information

When it comes to how a lender will report to the credit bureaus, I bring this to your attention as moral support in consumer efforts to NEGOTIATE, NEGOTIATE, NEGOTIATE.
The Fair Credit Reporting Act clearly states that creditors are NOT required to report negative information to the credit bureaus.
There’s more to this story, however. An August 13, 2008 Announcement from Fannie Mae & Freddie Mac clearly states that they place NO requirement on how lenders report mortgage default accounts to the credit bureaus. In response to the frequently asked question about how these items should appear on the credit report, the announcement stated:
“For reporting these actions on Fannie Mae loans, we require that servicers report to one of the major credit reporting agencies, but it is our policy NOT to direct specifically how to report various actions.”
This is powerful and significant information. If the Fair Credit Reporting Act doesn’t require lenders to report negative information at all, or in a specific manner, and the nation’s largest buyer of mortgage loans does not require lenders to report negative information at all, or in a specific manner, this leaves the door wide open for negotiating deletions or non-reporting of these items. So I reiterate: NEGOTIATE, NEGOTIATE, NEGOTIATE.
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