Reply
Established Member
Posts: 18
Registered: ‎01-13-2010
0

Close on 3/31, got a CA notice today, help!

[ Edited ]

So I'm on track to close on my first house on the 31st.  Today I recieved a collection notice from RRCA Accounts Management for a measly $25. It's on an old storage unit that i closed over a year ago. I never received any notice that this payment was overdue or anything! im freakin out at this point.

 

My score was just above the FHA minimum when it was last pulled by the lender on 3/10.

 

CA notice is dated 3/10, how long will it take to show up on my report? This is the first letter i've received from them.

What should I do? DV? Just pay it and hope it doesnt get reported?

Do you think my lender is going to pull my credit again twice in 1 month before closing?

 

This is making me SUPER nervous with 2 weeks to close!!

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Close on 3/31, got a CA notice today, help!

By law you have 30 days to DV. I don't think they'd report before then. I would DV though once you close. Out of curiosity, had you opted out with the CRAs prior to the mortgage pull? If not, then that's the source of the timing of the dunning letter.

Established Member
Posts: 18
Registered: ‎01-13-2010
0

Re: Close on 3/31, got a CA notice today, help!

OK,  I thought they report as soon as they get the debt. 

 

When I closed the unit, i returned the lock and paid my fees never to be heard from again until this week. THAT's what makes me upset. No bill, not even a late notice!

 

I did opt out, but not until just a little over week ago, after the date of this letter of course.  I had not heard of being able to do that until then, and my LO didn't say anything to me.  We shouldnt have to opt out anyways! We should have to OPT IN to allow companies to check into our credit without specific consent. Privacy has to be asked for nowadays, it's not a right anymore.

Established Member
Posts: 30
Registered: ‎03-01-2011
0

Re: Close on 3/31, got a CA notice today, help!

What is "opt out?" And what does that have to do with this debt suddenly popping up?


Starting Score: 528
Current Score:702 EFX, ??? TRU, 720 XPN
Goal Score: 820+ for all three


Take the FICO Fitness Challenge
Valued Contributor
Posts: 2,487
Registered: ‎02-18-2010
0

Re: Close on 3/31, got a CA notice today, help!

CAs can subscribe to your report and decide to pop up when they see activity like you paying off debts or applying for mortgages - they'll suddenly decide it's worth their time to come after you because they think you have money now or they want to extort money out of you for a debt you don't actually owe.  It's also how credit card companies know what card offers to send you.


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Established Member
Posts: 30
Registered: ‎03-01-2011
0

Re: Close on 3/31, got a CA notice today, help!

I did not know that! Thank you, mauve. Is there a way to opt out? And if so, what are the pros and cons? Or is there a thread I should be reading that explains all of this (hate to hijack this one).


Starting Score: 528
Current Score:702 EFX, ??? TRU, 720 XPN
Goal Score: 820+ for all three


Take the FICO Fitness Challenge
Established Member
Posts: 30
Registered: ‎03-01-2011
0

Re: Close on 3/31, got a CA notice today, help!

Nevermind, I did a search and found lots of info to read :smileyhappy:


Starting Score: 528
Current Score:702 EFX, ??? TRU, 720 XPN
Goal Score: 820+ for all three


Take the FICO Fitness Challenge

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.