Reply
New Contributor
Posts: 54
Registered: ‎12-31-2009
0

Close to underwriting, Collection account shows in dispute status.

Just wondering if anybody has had to deal with this.. we are 3 weeks from closing. The loan officer says that there is a collections account that shows in dispute status... which is odd, because I never disputed it. I did ask the CA to verify the debt, which they did but never disputed.

 

I am prepared to call the CRA's tomorrow, curious on what to expect? Do they handle this with ease? Or should I expect a battle? and is it done quickly?

Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: Close to underwriting, Collection account shows in dispute status.

Expect a huge battle if you do it yourself.

 

Would be much easier if your LO can do a rapid rescore for you.

Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
0

Re: Close to underwriting, Collection account shows in dispute status.


leesa88 wrote:

Just wondering if anybody has had to deal with this.. we are 3 weeks from closing. The loan officer says that there is a collections account that shows in dispute status... which is odd, because I never disputed it. I did ask the CA to verify the debt, which they did but never disputed.

 

I am prepared to call the CRA's tomorrow, curious on what to expect? Do they handle this with ease? Or should I expect a battle? and is it done quickly?


This is why its showing as a dispute....you asking them to verify is basically the same as saying you dispute the legitimacy of the CA or the debt in the eyes of the CA. If the CA has verified the debt you should see if the can update the CRAs to omit the dispute notation and after that is done have the LO do a RR. I'd say you have a hill to climb but if you may just need a LOE for the CA you can find a lot of good info on this topic here

http://ficoforums.myfico.com/t5/Mortgage-Loans/FHA-Disputed-Accounts-amp-Collections-UPDATE/td-p/145...

ccpics2.jpg
New Contributor
Posts: 54
Registered: ‎12-31-2009
0

Re: Close to underwriting, Collection account shows in dispute status.

Well I am shocked how it turned out.. called the CRA's this morning. they all basically said it's not their problem, call the CA.

Called the CA, they said it needs to be paid before they will do anything.

Drove down to their office to pay them, they took payment of course, and gave me back a letter stating they will DELETE it! and he faxed the deletion request to all 3 cra's while I was there.. so relieved. money well spent I'd say

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.