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Bob is always looking for news about Katy Texas and the surrounding areas. Please e-mail me at bobgilbert2003@msn.com with any news you may feel needs a forum!

Recently my wife and I decided to follow my own advice to my clients and refinance our current home with the final objective to first buy a smaller one-story and second sell the current home after we move out. Interest rates are at very low levels and refinancing as we planned with debt consolidation objective isa total no brainer.  I currently have TWO companies that I pay a subscription fee so they will monitor my credit report and credit score (FICO).

My mortgage friend Scott Pyatt at Iway Loans (scott@iwayloan.com or 713-463-6779 x 108) asked me about a dispute with a bank that was showing on my credit report and sent me a copy of my current credit report for my review. I of course had no idea that we had any disputes or any other issues other than a problem with a major cell phone company who sold me a Blackberry over 3 years ago without Internet access. The Blackberry saga will be the main point of a future blog. Low and behold my credit report showed we had a dispute with Big Bank!! We have several accounts with Big Bank and are very aware of their lack of competency. Big Bank never once attempted to contact us and  they were reporting a dispute to the Credit Agencies even though contacting us  would be very easy for them. Scott also told me that an individuals credit report these days for any given borrower can not show any disputes if you want the loan to ever close. This was news to me and good thing to be aware of as I had never heard of this being an issue.

We have over the years had on several occasion's attempted to escape from the clutches of Big Bank but unfortunately every time we moved all of our accounts to another financial institution Big bank showed up once again by buying out the other bank and taking over. Big Bank's personnel for the most part in their branch offices reflect Big Bank's corporate culture of being arrogant and providing absolutely lousy service whenever and wherever possible. How this group stayed in business all these years is certainly a mystery to me. Many of Big Bank's customer service phone calls are out sourced to India or where-ever with all the related issues of the folks you speak with having no idea what you are talking about.

My wife and I spoke and the best I could come up with as any dispute is that 4 or 5 years ago we went to Cabo in Mexico and someone there tried to use out credit card number to buy thousands of dollars of merchandise at a local Walmart. The solution to this problem was rather easy as the third party report company and I called Big Bank and told them there is NO dispute. Amazingly the dispute issue was resolved by one phone call. This is a first for us with our long history with Big Bank to easily resolve any issue but the bad part was that Big Bank was reporting a dispute when none existed. What impact does this have on our credit report and credit score?

Well folks there are more issues on our credit report involving Big Bank. I know what a shock!! Big Bank was also reporting on a credit card that neither my wife nor I had any knowledge that it existed. The worst part is that Big bank was showing a late payment and activity during July 2010. As we all know a late payment of any kind ends up impacting your credit score in a large negative fashion. I will cut all the boring details out and tell you the problem was that about 3-4 years ago my wife asked Big Bank to issue a credit card in her name alone. This card will accumulate airline mileage with usage. Big Bank sent the card to the wrong address as the zip code was incorrect. Remember what I said earlier, we have several accounts accounts with Big Bank and receive numerous statements, advertisements, etc. from Big Bank on almost a daily basis.. We never received the card and it was never activated. Big Bank, however, charges a fee each year for the card and then later in the year writes it off. The problem here is that Big Bank turns around and reports this card to the credit agencies along with reporting a late payment for a card fee for a card that was NEVER activated!!! To make matters worst, Big Bank tells me this is a Dispute and will be reported to the credit agencies when I called to figure out what happened. I can not have any disputes on my credit report so I begged the bank employee to let it sit for now until our refinancing is over. This is NO dispute but just another stupid error by Big Bank.

Can someone help me to understand this situation where a credit card is never received, Big Bank knows it was not received and was not activated, Big bank can easily contact us to correct the problem but choses not to, charges a yearly card fee, writes the fee off later in the year and reports late payment on our credit report. WHAT IS WRONG with this whole picture??? Our credit takes a big hit due to the normal incompetency of a Big Bank. This whole system of credit reports, credit scores and FICO scores needs immediate fixing. What a mess. My message is simple ... WATCH your credit report carefully AND FIX PROBLEMS AS FAST AS POSSIBLE!!!!

If you have any questions about your credit report, credit score or homes for sale in the Katy or surrounding areas contact me at robert.gilbert@garygreene.com or visit us on the web at www.katyhomefinder.com... TEAM DEVER


Published Saturday, August 14, 2010 10:59 AM by Bob Gilbert

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