Reply
New Member
Posts: 5
Registered: ‎11-17-2012
0

Removing consumer dispute comments VS paying the debt to show a balance of $0

Good Evening everyone.  I am seeking some advice about my current situation.  I am in the middle of buying my first home and received a phone call Fri 11/16 afternoon from my LO stating that I needed to have a consumer dispute comment removed from my file.  After speaking with the customer service from Asset Acceptance I was told I  could submit a letter requesting the removal of the comments but it will take 10 days to process.  I then called all of the CRAs but reached answering services due to the weekend.  My question is should I just pay the debt if I can get Asset Acceptance to mark it as a paid debt (not settled).   My closing date is scheduled for 11/27/12. Any advice or assistance would be greatly appreciated.

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Removing consumer dispute comments VS paying the debt to show a balance of $0

Even if paid the comment will remain. Was paying it a condition? I'd work with the CRAs to get the comment removed. There are quite a few threads in here talking about it. I'd also pay off the collection. Maybe Asset would be willing to delete when paid.

New Member
Posts: 5
Registered: ‎11-17-2012
0

Re: Removing consumer dispute comments VS paying the debt to show a balance of $0

After calling nonstop for 4 hrs, I was able to speak with someone in Disputes and have them remove the comments.  She was able to send me the notification I needed as well so the persistence paid off.  Now patiently waiting to hear back from the underwriter:smileyfrustrated:

Valued Member
Posts: 26
Registered: ‎04-12-2007
0

Re: Removing consumer dispute comments VS paying the debt to show a balance of $0

Been there. Done that. Send a certified letter to the original lender and tell them that the account is no longer in dispute. Also send certified letters to the credit bureaus. It our case, it took less than 2 weeks to have the dispute comment removed. I don't know if they will require you to pay the balance or what impact that will have on your loan. We were disputing a late pay. In the meantime, tell your lendor that the underwriter does have descretion to overlook the dispute comment if the account shows a zero balance. Some underwriters will, most will not in the case of FHA loans. It is worth a try.

http://ficoforums.myfico.com/t5/image/serverpage/image-id/2760iB9166C1A493A3CBC/
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.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.