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Topics addressed on July 6, 2011:
Experian does not review loan documents or notify credit repair firms to call consumers
I received a call from a law firm in Florida. They explained to me that Experian had notified them that you had reviewed my loan documents and that there were some errors in these documents and for a fee they would act on my behalf and inform the mortgage holder that they had 20 days to remedy said errors or missing info in the loan documents. They claimed once the letter was received by the mortgage company I would no longer have to make payments or repay these payments until an agreement had been reached with the lender to reduce my interest rate or even my principal if my house was under water. These missed payments would not affect my credit and the loan would be considered under dispute. They call what they do "Affirmative Mortgage Defense." Is this a scam? Would Experian ever contact a law firm? This sounds way too good to be true!
There is a short answer to your long question. Yes, if it sounds too good to be true, it almost always is!
Experian does not have access to your loan documents, does not review them and would never contact a law firm or any other organization about your payment information. We also would never advise you to miss payments because that would definitely become a negative part of your credit history.
You would be far better served making a mortgage payment with the funds the organization is asking you to send to them.
If you are struggling with your mortgage, you should first contact your mortgage company. A local non-profit credit counseling service, such as one affiliated with the National Foundation for Credit Counseling, may be able to provide guidance and assistance, too.
Your instincts are right.
Thanks for asking.
- The "Ask Experian" team