Help! Old Collection Re-reported While In Underwriting!!

[Anonymous]

Hello, Please give me some advice!

Okay so I'm probably toast here. I got a credit update this morning from my CMS, it states that RMB Inc. (Medical Collection) for $1523.00 which opened on my experian report originally on 03/2009 and was scheduled to fall off on 06/2012. Its Now reporting a Last Reported Date of 06/2012 and that the date of status is also 06/2012. So now its popping up like a brand new collection as of Today!?!??

I have no clue on what to do because I can't pay it off as I'm in underwriting, I can't dispute it as I'm in underwriting. I've told my LO about this and he said it's a good thing he doesn't have to re-pull my credit and that we need to close as quick as possible. But I asked him, isn't the lender going to do one last pull prior to closing? And he said yes!

I'm at the escalation desk, with a higher Authorized Underwriter at the moment with Wells on a FHA loan which was submitted on May 21st.

What do I do? Thank you...

[Familywantsahouse]

What is the DOFD?

[Anonymous]

Date Opened: 03/2009

Reported Since: 07/2009

Now it shows:

Date of status: 06/2012

Reported since: 06/2012

Last Reported Date: 06/2012

** But it does still say Date Opened 03/2009

"Here's a snap shot"

Status:  Collection account. $1,523 past due as of June 2012.
Date Opened:  03/2009 Date of Status:  06/2012 Reported Since:  06/2012 Last Reported Date:  06/2012	Type:  Collection Terms:  1 Months  Monthly Payment:  $0 Responsibility:  Individual	Credit Limit:  $1,523 High Balance:  N/A  Recent Balance:  $1,523 Recent Payment:  $0

[IOBA]

m3jonny - I am sorry that has happened to you.

It does say date opened was 03/2009 - IF it becomes an issue with the underwriter, point out that the debt is at least three years old.

Do you have any idea of what the debt is for?  Who the OC is?  My suggetion would be to DV with the CA - then they have to stop all collection efforts until they respond to the DV letter you send.

Keep your fingers crossed!  

[Anonymous]

IOBA - Thankyou

I'm afraid if I send a DV to the CA they will report it as a "dispute" to the CRA. They can do this at times.

This same exact collection was removed/deleted from my equifax on 5/30/12 when I disputed it originally with EQ. Now that they deleted it off my EQ it shows new on my EXP. weird...

[rckstrscott]

The date opened, and the DOFD is not the same thing... the date opened is the date the colleciton account was opened with this specific colleciton company. That can change over and over again, if they move the debt to other entities, other collection companies...

The status, report dates, all can change, and have relevancy in some ways with the lender, but the date YOU need to find out is the DOFD -- if it was originally scheduled to fall off 6/12, then that is the same timeframe it will fall off no matter what the DOLA, or the last update is. this is becase they cannot legally change the DOFD.

The reported date of 6/12 and opened date of 6/12 will pose a problem to underwriting. They will consider this a new debt, because they are not experts on credit scoring. Rest assured it is not a new debt.

You need to find out that date, the DOFD. You can only find that out on reports straight from the bureaus. If the DOFD is showing correcttly, and this will fall off 6/12, you might be okay. They are taking a last ditch stab to collect on an old debt, is what it sounds to me.

-scott

[johnwantsahouse]

Did they pull again before closing?