It claims there is a software program available that can audit our personal mortgage and credit card payments for accounting errors or fraud. As many of you know my story was sparked by gross errors that contaminated my mortgage and later my credit reports.

With the ongoing mortgage crises, a looming credit squeeze and non-stop news of continued illegal foreclosures, (caused by greed, fraud and/or corruption), a software such as this, one that can calculate our true payments, and find accounting errors, is worthy of looking into. If it works as claimed, it could be a valuable tool used to deter and fight fraud.

Many of us continue to send off our monthly payments, blindly trusting that our payment due is calculated correctly. And some people further trust, all monies are applied accurately, but many of us know that is not always the case!

The truth is, unless we are CPA's or we have an expertise in compounding interest and have an in-depth accounting background, (with plenty of  time and energy) it's impossible to verify that our payments and interest on loans and credit cards are properly calculated!
We are forced to accept the servicer's calculations and trust that there are no errors or fraud manipulating the accounting of our loans.  Additionally, as my experience proves, along with similar stories of many others, without access to a monthly statement -we can't even track or verify that our payments have been received, let alone, applied and applied accurately!

What I found particularly interesting about this software was its founder. I learned that the creator of the the credit card and Loan Watchdog software, is Christopher Alison, the President and CEO of Ditec, a successful international (and eco-friendly), paint preservation company, based in Florida that has been around for more than 30 years. Ditec apparently has a software division.

Alison claims his two software programs were created and designed for mortgage and credit card loan accountability. And these are the first tools available to the public, where an individual (or business), can actually audit their own mortgage or credit card debt. A checks-and-balance system of sorts...what a concept!

Simply put, the software apparently calculates our actual payments due, once the start date and interest rate is plugged into the program. When inaccuracies, mistakes, or even fraud are detected, the software then generates demand letters for refund and detail the correct calculations and accounting errors found.

The borrowers can then use this data, and the letter created by the software, for actual proof of errors (or fraud) and bring the documentation to their loan servicer's attention to demand a refund.  If this software works as claimed, this could be a potentially valuable tool to deter predatory lenders and find costly lender errors - and worthy of looking at a little closer.

I certainly wish this software was available to those of  us who have battled long and hard to prove, and then correct, the errors found in our mortgage and loan accounting documents.

Finding just one error, could potentially cover the price the software, and that alone is worthy of a second look...which I will give it, and report back any findings.

Reports indicate the Australian version has been quite popular. Ditec Founder, Christopher Alison reports they are currently launching the U.S. version.