Reply
New Member
mos2009
Posts: 3
Registered: ‎01-27-2013
0

Just found out a collection agency did EX inquiry on 12/11/12 and I'm in underwriting

I received my Conditional Approval on Friday. Yesterday I started working on satisfying my conditions. One of the conditions is "Satisfactory signed credit explanation for inquires: 1/02 & 12/11". I knew 1/02 was the lender pull for the application, but was surprised by the 12/11. I looked at the lender pulled merged report it showed: 12/11/2012 Platinum Partners & As 1964933 EX.  It didn't have an address or phone # or anything else.

 

I searched online and at first I only found a silver & gold buyer in California, but there wasn't an address. I was more confused so I immediately went online and bought EQ & TU from MyFico and EX from their website. The inquiry was only on EX & said "other collection agencies". It also had a phone number and address. It was very scary when I searched the phone number online. They are also Davis & Associates and they buy junk debt, out of SOL, and call people and threaten them if they don't pay in full immediately and also many had said they did a credit inquiry. They are also supposedly a pawn shop and also call people to buy gold and silver. I call Experian, but they said they couldn't remove it and I'd have to either dispute online or call fraud department.

 

I don't think it would be wise for me to call the collection agency as I've never received a letter or a phone call. I don't have any collections, charge offs, lates or anything whatsoever derogatory on my credit. My middle score was 747 and I have good income, low DTI, 20% deposit and paid off last mortgage when sold house with perfect payment history. I did consolidate all my debt back in 2003 and paid it all off in 5 years (went through bad divorce but paid off all outstanding debt for both me and my ex. Have also had her debt haunt me, but always was able to prove my case so anything that popped up in the past, I was able to get deleted). I can't imagine having anything that I didn't pay back in full and have no idea what this could be.

 

After researching on this forum and others, I realize I won't get it removed. So my questions to you guys are:

 

-How do I explain this inquiry to the underwriter? Any actual verbiage would be greatly appreciated.

-Do I leave this alone and not dispute it?

-Once the underwriter sees that a collection agency did an inquiry recently will they deny my mortgage?

-I've read a lot of bad things about them and I don't think there is any way this is my debt and, if it was an old debt of mine from 2003 and they found out I'm trying to buy a house, they might add a derogatory tagline to my credit reports. Regardless, do you guys think I should call them?

 

I am scheduled to close the last week of February, so even if I did dispute this, it probably wouldn't be completed in time. I anxiously await your advise.

 

 

 

Super Contributor
DallasLoanGuy
Posts: 6,328
Registered: ‎07-03-2007
0

Re: Just found out a collection agency did EX inquiry on 12/11/12 and I'm in underwriting


mos2009 wrote:

 

-How do I explain this inquiry to the underwriter? Any actual verbiage would be greatly appreciated.   just say that you do not know what it is for. and that you did not initiate the inquiry by applying for credit with the platinum partners people.

-Do I leave this alone and not dispute it?

-Once the underwriter sees that a collection agency did an inquiry recently will they deny my mortgage?  i wouldnt think so

-I've read a lot of bad things about them and I don't think there is any way this is my debt and, if it was an old debt of mine from 2003 and they found out I'm trying to buy a house, they might add a derogatory tagline to my credit reports. Regardless, do you guys think I should call them?  i would send them a nasty cease and desist letter backed up with facts about statute of limitations, ect.   including penalties sfforded under the law for violating the FDCPA <= but that is just me

 

I am scheduled to close the last week of February, so even if I did dispute this, it probably wouldn't be completed in time. I anxiously await your advise.

 

 

 

 


 

 

have you 'opted out' with the 3 bureaus?

 

 

 




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

Re: Just found out a collection agency did EX inquiry on 12/11/12 and I'm in underwriting

I think you will be okay. You also might want to consult your LO regarding what to say on your LOE. He wants the loan to close as much as you do. My LO kindly offered me some verbage for an old unpaid collection I have and lo and behold, it did not have to be paid because my credit score is way above the min requirement and yours is too so I don't see any foreseeable issues. Don't contact them unless you absolutely have to. It is a baiting tactic they are trying to use on you to see if they can find out something big, like a mortgage, to attempt to threaten to interfere if you don't pay them. You are being smart by not opening a dispute. Dispute it after closing. You'll be okay. :-)
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
Community Leader
Senior Contributor
StartingOver10
Posts: 4,522
Registered: ‎03-06-2010
0

Re: Just found out a collection agency did EX inquiry on 12/11/12 and I'm in underwriting

I would do as DallasLoanGuy suggests.

New Member
mos2009
Posts: 3
Registered: ‎01-27-2013
0

Re: Just found out a collection agency did EX inquiry on 12/11/12 and I'm in underwriting

Thanks to everyone for the replies to my questions last weekend. Sorry I'm just responding, but was gone for a week+ on business.

 

I did as suggested and for the inquiry condition I had to satisfy, I wrote that the inquiry wasn't authorized and no new credit resulted from inquiry. Hopefully it will satisfy the condition.

 

But, I'm still on the fence about whether I should send a cease and desist letter to these bozos right now as I'm worried they will do another hard inquiry and see that I'm applying for a mortgage.  I'm thinking about not doing anything right now and just pray nothing else happens with it.

 

I continued to read online about these zombie debt collection agencies and found articles from reputable sites saying it's an epidemic. Articles stated it's big business too. So many people are intimidated by the phone calls and credit inquires that they pay over the phone without even knowing if it's their debt. The articles stated that many times it isn't that person's debt. These agencies buy such old debt [and I'm talking 30+ years old] that the files are so diluted they usually only have partial names and social security #'s. The articles also said to never talk to these people on the phone because you have to be very careful what you say or you could reage a debt [if it is actually yours to begin with] and you can even say something that would make you liable for the debt even if it isn't yours! Very scary stuff.

 

Let me know any thoughts on my decision to leave it alone right now and not send the cease and desist. Again I appreciate everyone's help and have learned a lot on this site.

 

 

 

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

Re: Just found out a collection agency did EX inquiry on 12/11/12 and I'm in underwriting

Yep. As you read online, I would leave it alone. Do not call them as I stated before. You do not want to give them any reason to add a collection to your report. Do it after closing. The inquiry cost 10 pts at the worst, a full collection can cost you 50-100 pts and your loan will probably be denied.
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
New Member
mos2009
Posts: 3
Registered: ‎01-27-2013
0

Re: Just found out a collection agency did EX inquiry on 12/11/12 and I'm in underwriting

MF, thanks for your quick reply. I've learned a lot on this forum and from searching the internet. I feel certain you will close on Thursday. You sure deserve it as much as you've been though. I'll continue to update as well as watch the forum and can't wait to read that you've closed. Stay strong!

 

 


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+
}