Liberty Bank even made it hard when we were trying to leave them. We got a copy of our credit report and found out that they were reporting our mortgages wrong. We called up Liberty Bank and asked why they were reporting 2 first mortgages and 2 second mortgages on our credit. Nether one of which were displaying the right account numbers. They said it wasn’t their problem and we would need to talk to the credit reporting bureaus (Experian, Equifax, TransUnion). Well we did contact themby phone and by email and they said Liberty Bank was reporting these wrong and they would do an investigation.

The investigation proceeded and we got a nasty letter from Liberty Banks stating that we should not have contacted the Credit Bureaus. They stated that the credit bureaus had closed the wrong account and that they were not happy. I don’t blame the credit bureaus for messing it up. One of the entries on our credit report had the right balance and one had the right payment but not the right balance. They both were showing an incomplete account number so it was impossible to see which one was the real account. They closed the one that had the right payment and wrong balance I guess that was the correct one to Liberty Bank.

So, they fought it out and finally the credit bureaus won for us. They never did get the correct amounts reported on our credit report as far as we saw but we did get the extra $160,000 removed from our report. This was dragging down our credit and our ability to even refinance to leave Liberty Bank. For anyone this is a great tip. You should get a credit report every year and see what is going on. It can catch Identity Theft, Improve credit scores, Find open accounts that should be closed and prevent lots of troubles in the future with life.

I really feel that if you are going to be working with Liberty Bank you need a mediator (like the Credit bureaus) to shake a big stick at them to get their act in gear. It worked this time and we refinanced and haven’t had a problem with our new Mortgage Company in three months.

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