What does OCWEN LOAN SERVICING I mean on my credit report?

Learn about OCWEN LOAN SERVICING I, an provider offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is OCWEN LOAN SERVICING I?

OCWEN LOAN SERVICING I is shorthand for Ocwen Financial Corporation, with the company name being Ocwen Financial Corporation Inc

If you were affected by coronavirus (COVID-19), we would help you during these hard times. PhhMortgage is one of the larger mortgage servicer companies in the country, focusing on delivery of various servicing and loan products. Its subsidiary, Ocwen, and its employees are dedicated to assisting home owners and providing excellent services and value for customers, partners, and shareholders.

OCWEN LOAN SERVICING I is a Loan Provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Ocwen Financial Corporation.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

How do I contact them?

Here is the current contact details for Ocwen Financial Corporation:

Address:

  • 3000 Leadenhall Rd, Mt Laurel Township, NJ 08054, United States

Website:

Email:

Phone:

Payments

Ocwen Financial Corporation offers several ways to make payments, including online, over the phone, and through a mobile app. There are also options to pay with a check, money order, debit card, or wire transfer. Late or missed payments come with penalties.

Question Answer
Do they offer a monthly payment plan? Yes
Can I make payments over the phone? Yes
Can I make payments online? Yes
Do they offer a discount for automatic payments? No
Can I make a payment using a mobile app? Yes
Can I make a payment using a prepaid debit card? Yes
Can I make a payment using a wire transfer? Yes

Forgiveness and Cancellation

loan forgiveness is not explicitly offered by Ocwen Financial Corporation. However, they are committed to helping homeowners and can offer debt forgiveness, with 800,000+ loans modified.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? No

How to Apply

Ocwen Financial Corporation offers loan application services online, over the phone, and in person. They also offer assistance to homeowners affected by natural disasters. You can apply for a loan with a cosigner through Ocwen Financial Corporation.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? Yes
Can I apply for a loan using a mobile app? Yes
Can I apply for a loan with a cosigner? Yes

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

OCWEN LOAN SERVICING I IdentityIQ Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

What is a Loan Provider?

A loan provider is a bank or financial organization that can provide loans. In order to apply for a loan they will run a hard inquiry on your credit account which will negatively impact your credit report. They may make mistakes in their reporting, so if it says that you have missed a payment and you haven’t then if you take the correct action you will be able to remove the late repayment from your credit profile.

How do I remove OCWEN LOAN SERVICING I from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.