04-20-2017 07:02 PM
I have a situation for friend of mine..
His FHA loan approved. Closing is by end of May. He suddenly got a letter from collection owing $50. The collection agency said they have not reported to any bureaus yet. Hearing this, my friend paid the $50. Will this ever showing up on credit report or reduce points when his credit is pulled at closing ?? Please advise..he is terribly upset..
04-20-2017 07:12 PM
04-20-2017 07:21 PM - edited 04-20-2017 07:22 PM
The letter was dispatached on 4/12 and he received 4/20. In the meantime, his lender pull his credit report the second time on 4/14 since the first one already past 90 days. The second credit report did not show any collections and infact bumped up his score. so given this date timings, do you he is okay?
04-21-2017 04:55 AM
What collection company was it? Who was the OC?
Usually a collection company can not report during the 30 day validation period. This is the first 30 days. PIF would mean no validation is needed seeing he validated the debt by payment.
If they report it, I don't thin it would be reported for 30-45 days. Because the letter date would be the statement date and then you have your reporting date when they report which could be the end of month.
But honestly I don't think a PIF would appear for $50 on a collection when paid the next day.
04-21-2017 05:02 AM
04-21-2017 08:42 AM
collector sent first letter but not on credit report. They have given 30 days to respond. But if he goes and makes the payment (collector said they have not reported to credit bureau) right away, does that mean this will never go into his credit report. Period?
04-21-2017 09:43 AM
if it gets added to credit it will show on the soft pull. and every lender i know will do a soft pull.
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