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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?
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
I agree, dv it or pfd (do a modified pay to not report) it before it posts.
@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?
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.
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.
Lenders can still pull if you are opted out and so can CA's who have PP
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
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.