What is credit reporting?
Similar to credit card companies, utility companies, and student loan companies, ServiceMac is required by lenders to report payment activity to the four credit bureaus:
- Equifax
- Experian
- Innovis
- TransUnion
What affects my credit score?
Credit scores take into consideration multiple factors, including:
- Payment history: how often you make your payment on time
- Types of credit: the type of lending you receive, including your mortgage, credit cards, personal loans, and other forms of credit
- Credit use: how much available credit you’re using
- Length of credit history: how long you’ve had credit
- Recent applications: the time since you've applied for new credit
- Total balance due: what you owe, including unpaid principal, past-due interest, past-due escrow, and unpaid fees.
- Disasters: external disruptions, like disasters, can temporarily pause negative credit reporting. If the Federal Emergency Management Agency (FEMA) declares a disaster in your area—such as flooding, fire, or even COVID-19—Lakeview will report that you've been affected by a natural or declared disaster. We'll report this for two cycles (generally, about two months) to prevent your mortgage from negatively impacting your credit score.
💡 Tip: The list above isn't comprehensive, and events like bankruptcy, or mortgage-related events like a short sale or deed-in-lieu, can impact a credit score.
Credit bureaus have credit-scoring models that determine your credit score. The models use information reported to the bureaus, which is reflected on your credit report. Each bureau uses different calculations to determine your score.
Why was I reported negatively?
Every time your account is 30 days or more past due as of the last day of a calendar month, negative information is reported to credit bureaus.
If you believe there has been an incorrect negative credit report, you can take any of the following actions to open an investigation:
- Call us at 855-913-5997 (toll-free)
- Contact the credit bureau(s) directly
- Submit a Notice of Error to us
Contacting the Credit Bureaus
You can submit a credit-reporting dispute to the credit bureaus directly. We'll receive notice of disputes sent to any of the bureaus and send you a confirmation within 5 business days of receiving the notice.
Here are the credit bureaus and their contact information:
- Equifax: 866-349-5191
- Experian: 888-397-3742
- Innovis: 866-712-0021
- TransUnion: 800-916-8800
Submitting a Notice of Error
A Notice of Error is a statement that can be used to dispute a negative credit report. You must mail your Notice of Error to:
ServiceMac, LLC
PO Box 100035
Duluth, GA 30096
The Notice of Error must contain all the following information:
- Your identification (name and mailing address, if different from property address)
- Loan account information (loan number and property address)
- Details of the payment in dispute (date, amount, date processed, and an image if possible)
💡 Tip: You can use this Consumer Financial Protection Bureau (CFPB) template.
Resolution
We'll provide a resolution within 15 business days of receiving a credit dispute (regardless of method), including whether your credit report was updated. We'll always provide this information in writing by email or mail, depending on your communication preferences.
If an update was made to your credit report, it may take up to 30 calendar days to be reflected on your credit report.