01-29-2013 09:12 AM
We are scheduled to close this week and LO called today about a recent inquiry on my husbands cr. It was from a CA and when my husband called they said that they are trying to collect a debt from 2002. It is a sallie mae private student loan which now has a balance of $8k. They are not reporting the acct on his cr and he was in active duty at that time so he knows it'snot his. I am sick to my stomach that this will be a deal breaker. Our LO said that they pulled credit recently to make sure there were no NEW accts opened. Will an explanation from my husband stating that he has no idea what this is suffice?
01-29-2013 09:35 AM
We are scheduled to close this week and LO called today about a recent inquiry on my husbands cr. It was from a CA and when my husband called they said that they are trying to collect a debt from 2002. It is a sallie mae private student loan which now has a balance of $8k. They are not reporting the acct on his cr and he was in active duty at that time so he knows it's not his. I am sick to my stomach that this will be a deal breaker. Our LO said that they pulled credit recently to make sure there were no NEW accts opened. Will an explanation from my husband stating that he has no idea what this is suffice?
Wow, that sucks. I would dispute the inquiry if I were you. I would also write an explanation letter saying that you have not applied for credit with this company.
After you get through the loan process, you need to run this down. If you are in contact with this company, demand that they send you a statement. Then, follow the DV process, and if it looks like identity theft file a police report and freeze the credit file.
Also, if you haven't done it already, you need to OPT OUT of prescreened offers.
01-29-2013 10:16 AM
01-29-2013 10:20 AM
01-29-2013 10:29 AM
This happened to me several years back. I was getting called for someone else's student loans because they had my name attached to the debt but it wasn't my social security number on the loan. When they called, I told them it wasn't my debt because I am still in school and my loans are deferred until I graduate. She asked for my SS# and I told her and she said, "Whoops!" And they stopped calling me.
So if you are sure it isn't his debt, call them and get them to remove it. You can include in your LOE that you have also called them and they verified it isn't your husband's debt and they agreed to remove it.
I don't think this is a deal breaker if it isn't your husband's debt. Did they just tell you to write an LOE?
01-29-2013 10:39 AM
We opted out back in November..some good that did. No time to dispute since we are supposed to settle tomorrow (probably not happening until friday) my husband and the credit company working with our LO called the ca on 3way and the representative told them what they debt was. He kept putting them on hold and the credit company rep felt like something fishy was going on. She asked the ca how long did they have the acct and he said since June 2012. Her follow up question was "why did you wait until now to contact him?" He said because they purposefully wait until the person is applying for credit and then they strike!!!! She got mad and told him how unfair that is and he could care less. So basically she said she would have to report the purpose of the inquiry to the underwriters but she would also call the underwriter and tell them her opinion of the entire situation. Our LO says if the UW wants it paid then we would have to pay at settlement either by cash or increasing our loan amount......uuugh when will this torturous process end?????
01-29-2013 10:52 AM
01-29-2013 10:56 AM
Why would you pay a debt that is not yours? They should have been able to tell the lender on 3-way that it isn't your husband's debt and they got him mixed up with another person, right?
They say it is his and they have his ss#. He and his father have the same name so it could be a mix up...I think my LO is just covering all bases. Trust me we in no way shape or form want to pay this mess.
01-29-2013 11:18 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† 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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.