May 14, 1997
Daniel X. O'Neil
2310 West Wilson Avenue
Chicago, IL 60625
Brendan Cunningham
Midwest Mortgage Express
Suite 420
1-100 East Woodfield Road
Schaumburg, IL 60173
RE: Application for Mortgage Review of Daniel X. O'Neil
Dear Sir or Madam:
This letter provides explanations for each item listed in my credit
report
obtained in connection with the above-referenced application for mortgage
review.
1. Unpaid Student Loan Collection Balance Due $1,775. Madison Un. Dated
8/86 and 5/92
These are duplicate items. In June of 1991, I graduated from the University
of Illinois at Chicago. At this time I moved in with a friend at 4317
North
Bell Street in Chicago because I did not have a job and my mother was
selling
the family home at 1633 North Wolcott. By Fall I had found a job and
moved
into an apartment with at 2101 West Evergreen.
At this time, my six-month grace period had expired and I began to pay
back
my student loans to IDAPP. I made regular and faithful payments. I always
believed that the loan I had received while a student at the University
of
Wisconsin-Madison was included in what I was paying back to IDAPP. I
never
received a bill from UW Madison.
In December of 1997, I saw my former roommate from Bell Street. He gave
me
one of the bills that they had been sending there and I immediately
called
UW. I immediately paid $775 of the $1,775 that I owed them. I will pay
this
loan in full before closing.
2. Late Payments Dated 1/94, 9/96, 10/96, and 11/96 with Current Student
Loan
IDAPP Balance $8,617
In December 1993 and January 1994, I was out of town for an extended
performance tour as a poet. I paid my bills before I left town but I
missed
this loan payment. I caught up as soon as I returned.
In April 1996, my father was in a car accident. By September 1996 it
was
apparent that he needed more healthcare than was provided by Medicare.
I
contributed cash along with other family members to help him get by.
I paid
all my other bills faithfully but I let this one slip. In December 1996,
when
I received my annual bonus, I got caught up with this bill and I have
paid on
time and over the minimum payment every month.
3. Late Payments Dated 10/94, 10/95, 11/95, and 5/96 With Household
Bank. Current Balance Zero
I have had many problems with MasterCard's billing practices over the
years.
In October 1994 I disputed a charge that appeared on my bill for a purchase
that I never made. I withheld payment until the charge was finally deleted.
In October and November of 1995 I had trouble paying this bill because
of
out-of-the-ordinary expenses related to publishing my 2nd book of poetry.
I
realize now that keeping up with my bills is more important than any
other
expense. Now that I am getting married and starting a family, my priorities
have changed, and maintaining a good credit rating for my family's future
is
of paramount importance. As for the May 1996 entry, I have no idea why
this
appeared on my credit report.
4. Late Payments Dated 3/95, 4/95, and 5/95 With RFS/GECC Household
Bank. Current Balance Zero
I do not believe this entry belongs on my credit report. I have never
received a bill from this source. The number listed for this creditor
is out
of service and the forwarding number is a personal residence in New
Jersey. I
have contested this entry with the credit reporting agency and they
have
promised to look into it.
5. Late Payments With Filenes Basement
I have always contested this bill. I purchased defective goods from
Filene's
Basement in 1993 and returned them immediately. I was told that the
charge
would be deducted from my account. It was never deducted and I refused
to pay
the charges. Finally, I decided that $200 was not worth ruining my credit
rating and I paid in full, canceling my account.
6. Why PMI Group and First National Bank Checked My Credit 2/10/97,
2/19/97
PMI Group checked my credit on 2/10/97 because I made an initial call
to a
Norwest Mortgage agent in preparation of obtaining a mortgage. First
National
Bank checked my credit on 2/19/97 in connection with a Checkguard application.
I sincerely hope that as you review this application, you will take
into
account the fact that I have always taken my financial obligations seriously.
I have had intermittent difficulties in paying some bills on time, but
as you
can see from my credit report, there are many accounts that I have always
paid on time. As I prepare to start my family this Fall and establish
a home,
my credit rating is very important to me. Thank you for the opportunity
to
fully explain these items.
Very Truly Yours,
Daniel X. O'Neil
© 2003 Daniel X. O'Neil
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