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Ms. Q
Here is exactly what the credit report says:
Creditor: Natlcrsys
Account: 1467XXX
Date Opened 2007-10
Date Reviewed 2008-10
Delinquency Dates 2008-10
Dates Last Active 2008-10
Payment Pattern Start Date 2008-10
Clearly you can see, that the collections account was opened and started in 2007! That's my problem!
Apparently National Credit Systems got the collections account in 2007, sent me a letter in 2007 (which I responded to and never heard back from) and then did nothing for a year.
On a USDA loan (which is 1000 times better than any other loan and worth fighting for) the date of originiation is extremely important. You can not have had a new collection START within 12 months of the application. If you do, they will deny you. On a USDA loan, you dont even have to have the collection paid off, all they care about is the start date!
@Anonymous wrote:Ms. Q
Here is exactly what the credit report says:
Creditor: NatlcrsysAccount: 1467XXX
Date Opened 2007-10
Date Reviewed 2008-10
Delinquency Dates 2008-10
Dates Last Active 2008-10
Payment Pattern Start Date 2008-10
Clearly you can see, that the collections account was opened and started in 2007! That's my problem!
Apparently National Credit Systems got the collections account in 2007, sent me a letter in 2007 (which I responded to and never heard back from) and then did nothing for a year.
On a USDA loan (which is 1000 times better than any other loan and worth fighting for) the date of originiation is extremely important. You can not have had a new collection START within 12 months of the application. If you do, they will deny you. On a USDA loan, you dont even have to have the collection paid off, all they care about is the start date!
Message Edited by arrgy42 on 07-18-2009 06:26 AM
I am also going USDA. I had a medical collection that I did a dispute for that ORIGINATED in 2003, and was updated in May 2009. Because I did the dispute, this was updated on my Credit report. We all are reading and understand what you are saying, but you are saying everyone cant read or no one is making sense. The last activity was what my LO was looking at as well as origination. I went ahead and paid the account so it wouldnt come back to haunt me. He said it should not be a big problem since it was a medical and for such a small amount. If you can pay the $168, I would do a PFD, or pay the OC with a certified check with restrictive endorsement. If that does not work for you, you may have to wait until October.
Ok, so your LO and my LO are basically not following the underwriting guidelines. My LO will be losing business and giving up a loan because of a $168 debt. I already told him that I would pay the debt without any problem, he told me that he couldn't do it. So now I have to shop around for a new lender, while trying to fix this one little glich. Why would you do business with someone who isn't trying to work with you? I can understand if the debt was thousands of dollars and just sitting there for years, but common sense has to prevail. I'll just make a complaint with the USDA (it won't mean much) and get someone who wants to work with me and wants my business.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.