03-17-2011 06:51 PM - edited 03-17-2011 06:55 PM
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!!
03-17-2011 08:57 PM
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.
03-18-2011 05:28 AM
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.
03-18-2011 12:02 PM
What is "opt out?" And what does that have to do with this debt suddenly popping up?
03-18-2011 12:20 PM
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.
03-18-2011 02:11 PM
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).
03-18-2011 02:18 PM
Nevermind, I did a search and found lots of info to read
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO