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New collections hit report! Help

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Anonymous
Not applicable

New collections hit report! Help

Good Morning,

 

We are trying to close on our FHA loan this coming week. Our lender pulled our report last week and we needed to fix some things (I had an open dispute listed) so they are going to do a RESCORE next week. They pulled on 5/3, and wouldn't you know, a new medical collections for $104 hit my EXPERIAN report 5/2, according to PRIVACY GUARD, however when I checked my Experian account, nothing new was listed. And this account did NOT show up on the 5/3 credit report. What gives and what should I do? Of course the creditor and bureaus are closed over the weekend. Will this show up on my rescore?

3 REPLIES 3
Truth316
New Contributor

Re: New collections hit report! Help

I wouldn't do anything to talk to your LO. As long as the collection doesnt drop your score below your Lenders requirement then you should be ok. They'll probably have you pay it right at closing.
Message 2 of 4
StartingOver10
Moderator Emerita

Re: New collections hit report! Help


@Truth316 wrote:
I wouldn't do anything to talk to your LO. As long as the collection doesnt drop your score below your Lenders requirement then you should be ok. They'll probably have you pay it right at closing.

^^^Excellent advice. Sometimes it is a non-issue because the LO is working with the credit pull prior to the collection hitting your report. Your LO will be able to tell you what needs to be done

Message 3 of 4
Anonymous
Not applicable

Re: New collections hit report! Help

Any update on how this was resolved?

Message 4 of 4
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