I just had a house built. The builder was responsible for paying the interest on the construction loan while the house was under construction. I found out they made a payment over 60 days late, which has affected my credit score. Is there a way this can be corrected?

Read the Story

Show Top Comments

So the construction loan was in your name? Ultimately YOU are responsible for timely payments, in that case. You can sue the builder for damages — but nothing can force the CRAs from removing the late payment. You could try asking the bank, nicely… Ultimately, only the bank can choose to remove the late payments, at this point.


Who signed for the loan originally? If it was you, you are responsible for making sure the loan payments were made, and if that did not happen, anything reported to your credit is accurate. Having an agreement with some third party to make the payments on your behalf doesn’t relieve your obligation to make the payments on time.


You can contact the lender directly or dispute the delinquency with the credit bureaus. If push comes to shove, there is nothing you can do to guarantee its removal since the payment was in fact late.


If the loan was in your name… Short answer: SOL. Longer Answer: You can probably sue for damages, but it will be a long battle. You may be able just to get them to cough up a grand or two.


Ask the lender to remove it from your credit report. They may just do it If that fails, ask for a “pay for removal” type option, and send the bill to the builder.