Should trial payments during loan modification be reported to CRAs

dksnj

LoanSafe Member
I posted previously about my loan maturing this past Feb w/a balloon payment due, which I did not have. I was granted a 5 yr modification, with a 6 month trial period from February - July. All of the trial payments were made on-time prior to the due date. However, the last reported payment on my credit report was in March. Are trial payments supposed to be reported? I asked the rep when I called to schedule my August payment, but she said something about once I start with the permanent payments it will resume. Are payments that are not reported or 'no data available' for those months calculated the same as on-time payments. I've worked very hard to improve my credit across the board so want to make sure the payments from April on are reported correctly. Thanks!

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Survivor_IN

LoanSafe Member
This does not sound right. They should be truthfully reporting your payments. Isn't that the point of the Credit Bureaus? Complain to the CFPB. Edit - you may need proof of payment for any complaints, such as an account statement or cancelled checks
 

dksnj

LoanSafe Member
This does not sound right. They should be truthfully reporting your payments. Isn't that the point of the Credit Bureaus? Complain to the CFPB. Edit - you may need proof of payment for any complaints, such as an account statement or cancelled checks
Thanks - I did ask when I called back to speak to an Account Manager and pretty much received the same answer. Once I make my first loan modification payment in September, it will be reported. I asked about the months of April - August and he said he believes they should be reported, but will look into it. Once they receive my notarized mod agreement and I make my payment in Sept, I'll reach out to CFPB if it isn't updated to reflect on time payments for those 5 months. Thanks for the response.
 
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