Seeking FHA pre approval but...shocking revelation!!!Help

[Anonymous]

Hi I am new to this forum, became interested due to my current credit crisis. I recently became interested in joining the americam dream of homeownership BUT found obsticles due to my credit score, (which i hadn't looked at but new it had to be low in 5's due to student loans). Well, I finally found a home i really really want and was hoping on the modifications made to FHA loan guidelines to be able to purchase, well guess what? not happening. After searching around for fha lenders that indicated they work with "less than perfect credit", i hooked up a senior loan officer at Wells Fargo, who told me first thing check your credit so you know what's in there and get back in touch with me.

Long story short, i was up til 2 am last nite shocked beyond belief, with the total 53 negative items on my report of which only 3 are mine!!!! There is stuff from the midwest where i have never lived, a foreclosed mortgage, bad autoloan, other loan, credit cards, list of medical bills and collection items. What should i do?? Better yet how do i get into these forum threads and interact with other member? I have no idea but would like feedback and involvment of all who are willing to respond. Seems like a nice bunch of people and very helpful. Please reply back to me. I am wanting to see how i should go about resolving this mess as soon as possible before the house i want is sold. I figure with the amount of negative items posted by error it's worth about 100 points, which means my credit score should at the least be in the low 6's, enough to get me a loan!!! Help if your can...

Regards,

Laura

[fishbjc]

Sigh, it's not going to happen for you on this house.  I had the SAME THING happen to us on a house we loved and DH's report was a disaster due to bankruptcy, which wasn't his.

More than likely, these baddies on your report belong to someone with a similar ss#.  This can take you months to get worked off of your accounts.

While these are in dispute, you can't get a FHA loan (so I'm told).  Yes it's a mess and nobody is going to be in a hurry to get this straightened out either.  Slow as molasses on a winter day.

Go over to the GENERAL CREDIT ISSUES forum & post specific questions over there.   Is it possible that you're a victim of ID THEFT?  This all needs to be sorted out.  Get yourself overthere and lets get crackin'!

[DallasLoanGuy]

if you have that many baddies that arent yours, then your file somehow got merged with another.... or i.d. theft.

hopefully just merged. call the bureaus and explain that you have 3 baddies and the other 53 arent yours. maybe they can track down how the files got merged and unmerge real fast.

otherwise, you need to dispute everything and that will take time.

[Coreyswife4ever]

I don't know if this helps but I had the same problem just not as many.  They listed a cell phone bill that belonged to my cousin ($2,500) on my credit report.  We have completely different social security numbers, address, everthing.  So I called the company who was reporting it and they confirmed that my name and social was nowhere on the account and they immediately removed it.  I guess because my uncle (who also has the same name as my cousin) cosigned on a loan for me they assumed he was the same person and we were married.  So you may want to try calling them directly.  It might work and take less time than disputing everything through the credit bureaus.

[Anonymous]

Hey guysssssssssssss... thanks so much for responding and for the feedback/experiences, "fishbc" thanks for your suggestion i will repost my original message on the other thread!!

UPDATE: Since posting this morning, my hubby remembered we have an Identity Theft Shield Membership, with our Prepaid Legal plan membership and i contacted them. Registered and got through to Fraud Services. VERY INFORMATIVE call. Spoke with a specialist with Kroll Fraud Solutions Identy Theft div., who expained based on his 10 yrs experience and what i explained someone else's info with my same name was added to my file by error. I have to agree since last year this information did not exist on my credit file with experian and there's stuff dating back to 2002 on there now. Long story short Experian took my disputes over the phone for all the negatives that aren't mine. Tomorrow i contact the fraud spec. at Kroll who will pick up from their by following up with Experian on the disputes in hopes of getting all removed as quickly as possible. He states he has seen these type of items removed in a week with continued followup which Kroll provides members. He did state that fraudulent items do take much longer because they have to be investigated more thorougly to confirm the validity or lack of versus posting errors which are verified by phone in a couple of days.

Sooooooooooo, i have my fingers crosssssssssed hoping this really can be removed in a week i pray for the most two weeks. That will give me time to pay the only item that i have on my file that needs to be paid and hopefully this will raise my credit score enough to be approved SOMEWHERE. Thanks guys!!

[llecs]

Aside from the great suggestions, I'd like to add you should pull all three reports directly from the CRAs immediately if you haven't done so. You can pull all three for free via annualcreditreport.com. But you need to do this.

Look at the demographic section of the reports. Look for former names that don't appear to be yours. Also look for addresses as you pointed out. If things seem wacky, call the police. File a police report for ID theft. Next, call the CRAs back and place a fraud alert (if ID theft) on each CR. Then go to FTC.gov and log in a complaint there.

If these aren't yours, a police report in almost necessary to file a dispute. Without a police report, the credtors which you are disputing would likely verify the baddies. Most I predict will go away, but some may remain. A police report indicates to the CRAs that you are serious about your ID and that this was clearly an ID theft issue. It would certainly expedite the removal of these accounts.

Before doing all of this, I would pull both FICO scores (TU and EQ via here) and see where you stand.

You are mentioning EX exclusively. Remember, you also have EQ and TU to deal with too.

[fishbjc]

I"VE GOT MY FINGERS CROSSED FOR YA....AND YES I';M YELLING!

I hope this doesn't take too long to figure out...at least make it quick so that house will still be waiting for you!

[Anonymous]

UPDATE:

Hi everyone, i have promising news (got my fingers crossed and toes too) spoke with and Experian Specialty Svcs rep, during the phone interaction was able to confirm the majority of the 50 items are not due to indentity fraud but a merging of someone else file who has a who has my name. There are just a couple of those 50 items which due appear may be unauthorized use of my personal information aka identity theft. Based on what the rep told me those take longer as they warrant full investigations. He says the items and data that were merged onto my file will all be confirmed in a day or two and then he will be (personally) separating everything removing it from my file. Once he is done with removing/separating all that belongs to this other person, he will send me by email and US mail confirmation of the actions taken on my file at which time i can have my score checked and it will be a drastic change. Yea!!!!!!

I will keep the updates coming and i just want to thank all those who kept my spirits up with your informative and positive posts!!!

"dream home here I come"

[musikklvr]

That's great news!!  I know you feel a whole lot better. :

[Anonymous]

Chula,

By chance did you get a confirmation number or anything from EX?