Reply
New Contributor
Posts: 163
Registered: ‎10-18-2012
0

Collections on Credit Reporting

Just a question.  I'm planning to try to get a house in about 6 months to a year, and am wondering how picky lenders are when it comes to medical collections on your credit reports.  I have 2 that show up on my Equifax, 1 showing up on Experian, and none on my Transunion (not sure why the variation).  Both DOFD are from March 2011, and one is for $150 and one for $400.  I tried PFD but haven't received any response yet.

 

 

Thanks in advance for the advice.

09/2013: TU FICO 692, EQ FICO 698, EX PLUS 709. No apps until December 2014!
Freedom: $1500 Cap1 Plat: $2000 Cap1 Cash: $1500 Barclays: $4000 Walmart: $2700 GE Luxury: $4800 Jared: $1500 Davids Bridal: $1500
Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: Collections on Credit Reporting

Worst case they will ask you to pay them off. Probably wont even be asked about them.

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Collections on Credit Reporting


heathuhhhhwebbbb wrote:

Just a question.  I'm planning to try to get a house in about 6 months to a year, and am wondering how picky lenders are when it comes to medical collections on your credit reports.  I have 2 that show up on my Equifax, 1 showing up on Experian, and none on my Transunion (not sure why the variation).  Both DOFD are from March 2011, and one is for $150 and one for $400.  I tried PFD but haven't received any response yet.

 

 

Thanks in advance for the advice.


Collections can put your loan at risk if the amount is very large...    In some / most states, the creditor can take you to court and get a judgement for these amounts, which can lead to a garnishment of your wages.    A lender will protect himself by making sure that you are not at risk of having a judgment filed since the judgment can be made and can result in a lien on the home or a garnishment of your paychecks.  If your checks are getting garnished, or  your bank account gets a lien, then that would hinder your ability to pay the mortgage...   So basically the lender is just trying to cover the bases and make sure that there isn't a lot of risk floating out there.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

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. 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.