IFR Agreement: Credit Scores and Payment Categories
The OCC and Federal Reserve announced yesterday that IFR agreement checks are scheduled to begin being sent on April 12; along with the announcement, the organizations provided a breakdown on the various categories of compensation that will be disbursed based on the level of injury. The breakdown table is available online here.
Since the announcement, we’ve received many comments from blog readers who have questions regarding what they can expect from the payments. First and foremost, we strongly urge anyone with questions about their eligibility for the payments to call Rust Consulting at 1-888-952-9105; Rust is the paying agent responsible for sending out the checks and will be able to verify eligibility as well as make any necessary mailing address changes.
Many of those whose credit scores may have been negatively affected by foreclosure proceedings have asked whether their credit reports will be adjusted as part of the settlement. In most cases, the IFR agreement does not include determinations of errors on individual credit reports – the exceptions are for military members whose foreclosures violated the Servicemembers Civil Relief Act (SCRA) and for those who were foreclosed on despite being current on their payments. Those who believe that there is an error in their credit report can contact their servicer or speak to a customer service representative at one of the following organizations:
- Office of the Comptroller of the Currency (OCC): 800-613-6743 or helpwithmybank.gov
- Federal Reserve: 888-851-1920 or federalreserve.gov
- Consumer Financial Protection Bureau (CFPB): 855-411-2372 or consumerfinance.gov
For those who would like to talk to an expert about the ways in which they can begin addressing the financial ramifications of a foreclosure, including tactics to start rebuilding credit, we suggest speaking with one of our housing counselors by calling 888-995-HOPE (4673). There are also online resources that offer tips on how to rebuild credit, including this worksheet from Freddie Mac.
We’ve heard from many people who are also concerned that they may have been placed in the wrong payment category. The IFR payment amount received is considered final and there is no appeals process in place, however accepting this payment does not prevent anyone from taking or continuing in other legal actions regarding their foreclosure experience.
HPF strongly encourages all those who were in foreclosure in 2009 or 2010 to check their mailboxes for IFR agreement checks and to call Rust Consulting at 1-888-952-0105 with any questions or concerns. We also urge those who are struggling financially to speak with an HPF counselor regarding their situation – counselors, who are available 24/7 by calling 888-995-HOPE (4673), can help families build budgets and address the various debt issues that may be affecting their financial stability.