Reply
Established Member
maliluka
Posts: 14
Registered: ‎08-10-2012
0

Frustrated exhausted and its just the begining....

I have been watching the boards for awhile and gotten some really good advice so figured I would throw my story out there to see what you guys think I should do.  Long story short, I actually started this process last year in June signed a contract for a new build  passed threw automatic underwriting and all had a previous foreclosesure in the past which was reporting on my credit. This leads me to problem number one, it took them almost 3years to do the transfer of title of my old home, so with the FHA guidelines it has to be three years And no matter how many LOE's I write the underwriter would not make an exception, trust me I tried. So now that we had to postpone the start of the build so that we can close sometime in August 2013. Today in the mail I get a letter from a collection agency which leads me to problem number 2  it is a medical bill about 300 dollars, my question is I dont see it on my credit report. Will it open up a can of worms if I call them and try and take care of it?  

Super Contributor
DallasLoanGuy
Posts: 6,337
Registered: ‎07-03-2007
0

Re: Frustrated exhausted and its just the begining....

https://www.optoutprescreen.com/

 

1st...... opt out. collection agencies use the prescreen system to monitor recent activity and this is why collections 'pop up' on people trying to get a mortgage

 

send them a cease & desist letter.....  if they haven't already put it on your report, this prevents them from doing so going forward

 

 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012
0

Re: Frustrated exhausted and its just the begining....

I agree, dv it or pfd (do a modified pay to not report) it before it posts.

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Valued Contributor
Mike_B03
Posts: 1,146
Registered: ‎11-30-2012
0

Re: Frustrated exhausted and its just the begining....


DallasLoanGuy wrote:

https://www.optoutprescreen.com/

 

1st...... opt out. collection agencies use the prescreen system to monitor recent activity and this is why collections 'pop up' on people trying to get a mortgage

 

send them a cease & desist letter.....  if they haven't already put it on your report, this prevents them from doing so going forward

 

 


Is there any negative to opting out? Can the lender still pull your credit or do you have to opt back in when it's time for someone to pull your credit?

New Contributor
slappymancuso
Posts: 167
Registered: ‎12-04-2012
0

Re: Frustrated exhausted and its just the begining....

Absolutely no downside to opting out unless you view not getting pre-approvals for credit cards as a downside.  It prevents soft pulls from third parties, but any hard inquiry (which you initiate to open a new line of credit) will still go through.  Keeps snoopy CA's from pulling this kind of nonsense.

Valued Contributor
Mike_B03
Posts: 1,146
Registered: ‎11-30-2012
0

Re: Frustrated exhausted and its just the begining....

I thought collection agencies that own your debt can do a hard pull whever they want? I had a hard pull down by a law firm/collection agency who had a judgment against me within the past two years.

Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012
0

Re: Frustrated exhausted and its just the begining....

[ Edited ]

Lenders can still pull if you are opted out and so can CA's who have PP

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Established Member
maliluka
Posts: 14
Registered: ‎08-10-2012
0

Re: Frustrated exhausted and its just the begining....

I will look into both the cease and desist as well as the PFD. Try to stop them before they start to wreck to much havoc. I thought I had already opted out but after seeing Dalllas' s post I went and did it again to make sure.  Thanks again

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Frustrated exhausted and its just the begining....

I would think you can just pay them immediately. This usually prevents it from being posted on your credit report. In the distant past, I had to do this a couple of times and as long as I paid it, it didn't report. So I'm not sure if you need to do a PFD since it is not on your credit report. Usually collection agencies give you 30 days to pay before they post derogatory information on your credit report and as long as you pay it, they won't post. So just pay it right away so it doesn't hit your credit report.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Member
maliluka
Posts: 14
Registered: ‎08-10-2012
0

Re: Frustrated exhausted and its just the begining....

MovingForward I just got off of the phone with them, they said the same thing that it is a "new" collection it is not showing as being posted on any of my reports this I can verify as I just had them pulled. that I had 30 days from the date of the letter to pay or dispute the collection. 

 

I am begining to think house buying/bulilding should be an Olympic event it certainly is not for the faint of heart.


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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}