02-11-2013 12:19 PM
Hello, in late January my husband and I signed a new contruction purchase contract have been pre-approved for an FHA loan. We are working to improve our credit while the house is being built. We have a collection account with Asset Acceptance for $2,257.00 (original amount was $1,373 but they are adding finance charges); the date of first delinquency is Aug. 07. We had two lenders pull our credit and neither of them mentioned this collection account. In hope to avoid an issue later down the road, I'd like to call Asset Acceptance and offer to settle for the original amount but I'm afraid they may re-age the account.
Last year I made the mistake of disputing the account. The first lender said we needed the dispute comments removed (she didn't say anything about the balance). I sent Asset Acceptance a letter requesting the comments be removed. They replied stating they will note it as no longer disputed and will update the consumer agencies (the letter also stated they will not sue because of the age of the account). So, they removed the comments and then a few weeks later the dispute comments were added back. I sent another letter saying I don't dispute and asked them to remove the comments again. Then I received 2 letters from them both with the same date; one letter was just like the last stating they would remove the comments and advise the credit agencies (this letter also said they will not sue due to the age of the account) but the second letter (with the same date) states "we are in receipt of your recent account dispute, please be advised the the account has been placed on hold pending completion of our review," (this letter didn't say anything about the the age of the account).
Now I don't know what to do. As I mentioned, I'd like to just offer a payment for the original amount (even if they will not agree to PFD I'd like it to at least report a $0 balance) but after reading some of the other posts, I'm really afraid to contact them.
Any advice would be greatly appreciated.
02-11-2013 12:31 PM
02-11-2013 05:16 PM
Do not pay the collection unless you are asked....
If it comes back as a condition to be paid, thats when you either pay it in full or make a settlement. You can even request that you pay it at closing.
04-17-2013 07:38 AM
I'm in the same boat. I have been in the closing process since March 22, and had everything "Pre-Approved" before I even started looking at homes, let alone start the closing process. I am now 2 weeks ago from closing and I get a call that I have to have a "Account in Dispute" line removed from a credit account. I initially reported it as such because the balance was not correct. I just sent the request to have it removed but now she is telling me if I take a credit score hit it may void the home loan all together. It is really stressful, because everything for the new house is lined up, plus I really did everything I could to address any hurdles at the end. Essentially the VA is saying the dispute has to be removed but now I'm chancing a score change. She is telling me not to worry I have some points that can fluctuate but my research has really shown a lot of ups and downs. Some people report after removing the dispute their score didn't change at all, other that removing the line actually helped bumped their score, and one guy reported losing 57 points.