What does FRANKLIN AMERICAN MTG/ mean on my credit report?

Updated January 1, 2023

What is FRANKLIN AMERICAN MTG/?

FRANKLIN AMERICAN MTG/ is shorthand for Franklin American Mortgage Company, with the company name being Franklin American Mortgage Company Inc

On August 1st, 2018, Franklin-American Mortgage Corporation merged into the Citizens’ Bank Family of Companies; while minor alterations to the letter of the law have been made, the essence of who we are remains unchanged.

FRANKLIN AMERICAN MTG/ is a Mortgage Provider. They could be on your report for a number of reasons, for example:

• ⚫ You missed a repayment.

• ⚫ You opened an account with Franklin American Mortgage Company.

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

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

About the account

• ⚫ The average high credit balance is $116700.

How do I contact them?

Here is the current contact details for Franklin American Mortgage Company:

Website:

• franklinamerican.com

Payments

To make a payment, you can talk to a Franklin American Mortgage Representative at 800-295-1020 or 800-234-6002. You can also contact 866-326-2677 ext 1985 to find a Correspondent Regional Account Manager. Homeowners can also make payments online or through the available mobile app. Payments can be made using a check or money order. There are penalties for late or missed payments.

Question	Answer
Do they offer a monthly payment plan?	No
Can I make payments over the phone?	No
Can I make payments online?	Yes
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

There are three main ways to get student loan forgiveness: through public service, teaching, and certain loan repayment programs. You may also be able to get your loans forgiven if you become disabled or die.

Question	Answer
Do they offer loan consolidation?	No

How to Apply

You can apply for a loan online, over the phone, or in person. Generally, you will need to provide some personal information and financial history. You may be able to apply with a cosigner.

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.

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 Mortgage Provider?

A mortgage provider is a financial institution or mortgage bank that offers and underwrites home loans. Lenders have specific borrowing guidelines to verify your creditworthiness and ability to repay a loan. They set the terms, interest rate, repayment schedule and other key aspects of your mortgage. They have the ability to report on your credit profile which will affect your credit score. They also can run hard and soft inquiries which will impact your credit score if not delt with. Mortgage Providers are not perfect and can still 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 FRANKLIN AMERICAN MTG/ 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.

• Sample Equifax Dispute Letter
• Sample Experian Dispute Letter
• Sample TransUnion Dispute Letter