I got an alert today that my credit score dropped 12 points all because my current mortgage was sold to a new company and I had nothing to do with it.
Will my score go back when the new loan is added or will it drop again or how do I fix this. I should not have my score suffer because those jerks sold my mortgage to another company!
I believe it. Your score also drops if you pay off your mortgage. I’m assuming it’s only a temporary drop.
Seems to me like it is being treated like the mortgage was paid off which would cause the score to drop.
So I would assume once the new mortgage starts reporting, it should hopefully go back up.
Thats exactly what is happening so I hope it does. Imagine having 20 years of perfect payments on your mortgage then it gets sold. Being the oldest account it would hurt a lot. They need to hsve a way to do this to keep the age and history of the original loan.
This is not fair to consumers.
I wanted to do an UPDATE…
It took several months for the sale of my mortgage to process and here is where we are.
My mortgage is back on my credit reports, under the new lender, my score snd everything is back to normal.
So if you mortgage is sold and your score drops, give it a few months and it will fix itself with all the same data as it was originally.
