I Bargained With Life for a Penny

I Bargained With Life For A Penny
A single Penny can drop your credit score by 100 points

I paid off my 2nd mortgage, except for a single penny. Clearly it was an accident thanks to our escrow or maybe our Credit Union. Our loan broker did excellent work for us when we refinanced last year. However, there was a miscommunication between the escrow and the Credit Union which held our 2nd mortgage. I have no idea which was culprit, for the size of the error, there should be no culprit at all; except for what happened next.

The Credit Union sent something to me saying there was a balance due, the penny. But I knew the 2nd mortgage and credit card were paid off so I didn’t think there was a need to see a new statement showing that the balance was zero $0.00, so I didn’t even open it. Neither did anyone else for the same reason. Another month later, the Credit Union reported the account was 60 days late with a late balance of one penny $0.01, and my credit score took a 99 point spanking. A 99 point drop. 

I was outraged, of course. Who gets their credit score reduced by 99 points for a single penny? Me of course. 

We opened up the Attorney’s Guide to Credit Repair and reviewed what to do next when a bank reports false or misleading information on your credit reports. Because at the time, I like everyone knew little about credit repair, we went to the experts, the Attorney’s Guide to Credit Repair . We actually, as part of our dispute to the false or misleading information on our credit reports, threatened a lawsuit, exactly as we learned how to do from the Guide, and our Credit Union fixed our credit reports right away.