What does ROCKET MTG mean on my credit report?
Learn about ROCKET MTG, an mortgage provider offering loans for financial assistance. Check the impact to your credit report and financial status.
What is ROCKET MTG?
ROCKET MTG is shorthand for Rocket Mortgage, with the company name being Rocket Mortgage Inc
ROCKET 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 Rocket Mortgage.
-
⚫ You opened a credit card / loan / mortgage with this company.
-
⚫ Someone fraudulently opened a credit line under your name.
About the account
-
⚫ The average account balance is $105400.
-
⚫ The average high credit balance is $249400.
-
⚫ The typical loan duration is 240 months.
-
⚫ The average monthly repayment is $1100.
The account is classified under the following METRO2 categories:
- ⚫ Real estate
How do I contact them?
Here is the current contact details for Rocket Mortgage:
Website:
Payments
Customers can make payments using a credit card, debit card, bank transfer, PayPal, Apple Pay, Google Pay, or a variety of other methods. There is also a monthly payment plan available. If a customer needs to refund a payment, they can request their money back from the merchant or service provider directly. If the merchant or service provider does not comply, the customer may need to contact their credit card company and dispute the charge. Other payment options such as using a check or money order are available. Mobile apps allow users to make payments with just a few taps. Prepaid debit cards are a type of payment card that is loaded with money and can be used to make payments and purchases online or in stores. Customers can also make payments using wire transfer. This payment method involves transferring funds from one financial institution to another using an electronic system.
| 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
there is no loan forgiveness offered by the company. Bank of America offers loan consolidation. Bank of America provides a range of loan consolidation solutions designed to help you simplify your debt and find relief from high interest payments and fees. Through loan consolidation, you can combine multiple loans into one monthly payment, with the potential to save money through a lower interest rate and fewer fees. loan forgiveness may be available to borrowers who meet certain criteria. Generally, borrowers must make 120 payments over 10 years while being employed in an eligible job. Additionally, borrowers must be in good standing on the federal student loan debt for which forgiveness is sought. Eligible jobs typically include full-time employment in the public sector, members of the military, AmeriCorps and Peace Corps volunteers, and certain types of non-profits.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
It is possible to apply for a loan online, over the phone, or in person. Applying for a loan via a mobile app is also an option. If an applicant does not think they will qualify for a loan on their own, they can 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 ROCKET 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.