Mortgage Loans

[Mike_B03]

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jjmtmj126 wrote:
We went through the whole process and everything was fine.....but at the last minute they said they wanted my hubby to have more time on the job. He was at his current company for 9 months..... And his previous employer for 2.5 years, same line of work. So fast forward to now...almost a year later and in a better position financially, both our scores went up....they were at 640ish.

I really find it hard to believe that with $20,000 down we will not qualify because of a STUPID $67 collection from 3 years ago. That's just crap!!!!!!!!

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So 3 days before closing, they denied it because your husband's job history? That seems insane, didn't they already know his job history when you started the loan process?

Was it a scheduled closing date...like you had "clear to close" and then it got denied, or it was just a date that was put on a the sales contract by the realtor at the beginning when you signed the sales contract?

[MovingForward_2012]

You need to send a good will letter. Before you paid it, you should have sent a pay for delete letter and not pay until you got something in writing from them saying they will remove x from your reports after payment of x. PFDs are easier than GWs because the collection agency wants their money and are willing to remove the account if they get it. Once they get your money, they are less likely to want to work with you. But GWs can be executed successfully. So I would go to the rebuilding forum and ask what is the best approach to take when you want to goodwill a collection agency, and they will be able to help you. Some may have worked with the collection agency that you are currently dealing with and they can tell what their plan of attack was and then you can try their method yourself and see if it works! Best of luck to you. I truly hope everything works out. Stay positive and determined! :-)

[jjmtmj126]

Here is the info about the collection that came on my report:  Thank you for looking into this!  

Experian®	Equifax®	TransUnion®
Account Name	ENHANCED RECOVERY CO L	ENHANCED RECOVERY CO	ENHANCRCVRCO
Account #	6991XXXX	6991XXXX	6991XXXX
Account Type	Collection Department / Agency / Attorney	Collection Account	Collection Account
Balance	$67.00	$67.00	$67.00
Date Opened	12/1/2012	12/1/2012	12/18/2012

[jjmtmj126]

Here is the specific information on each account you've opened, past and present. Positive information about your accounts stays on your report indefinitely. You'll also find creditor contact information conveniently located with each account – to help you resolve any issues.

Sort By   Status 

Name   Account Type   Past Due   Balance   Date Opened

ENHANCED RECOVERY CO L Potentially Negative Close Account Details 800-496-8941 8014 BAYBERRY RD JACKSONVILLE, FL 32256
	Experian®	Equifax®	TransUnion®
Account Name	ENHANCED RECOVERY CO L	ENHANCED RECOVERY CO	ENHANCRCVRCO
Account #	6991XXXX	6991XXXX	6991XXXX
Account Type	Collection Department / Agency / Attorney	Collection Account	Collection Account
Balance	$67.00	$67.00	$67.00
Date Opened	12/1/2012	12/1/2012	12/18/2012
Account Status Closed Closed Open Mo. Payment       Past Due $67.00     Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department Unpaid Collection account High Balance       Limit       Terms 1 Month     Comments   Unpaid Placed for collection
24 MONTH PAYMENT HISTORY     2011                     2012                       2013 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN                                               KD                                                                                                     Experian Equifax TransUnion

[tooleman694]

See that line where is says

Terms 1 Month

That is ILLEGAL!!

Fire out disputes targeting that. You can't have a term on a collection.

It will go away.

[MovingForward_2012]

I would start off by sending a GW letter to the address shown on your credit report and call them up in 2 weeks to discuss it with them.

[jjmtmj126]

SERIOUSLY????  It's that easy???  

So what do I say in the dispute?  Exactly what you wrote?  That it's illegal to have a term on a collection?  If so... you are one AMAZING person and I'd owe you so much!!!!!!!!!!!!  

[jjmtmj126]

Can I do the dispute AND send them a GW letter?  Will the agency know that I tried to dispute it?  I'm wondering if I dispute it and then it does not get removed if the collection agency will be "mad" and not help me at all.  

I'm new to this so excuse my ignorance.  

[tooleman694]

[ME]

[EQUIFAX]

Dear Sir or Madam,

This letter is a formal complaint that you are reporting inaccurate credit information on my report #xxxx. Because of the mistakes on my credit report, I was wrongfully denied credit recently for a home loan. My social security number is xxxxx and my current address is listed above. My last address was xxxxx. My contact number is xxxxx.

The following information is incorrect and therefore needs to be corrected or deleted from the report as soon as possible:

ENHANCED RECOVERY CO L (Account Number):

-This account is showing to have a term of one month. This account is in violation of the FDCPA Section 807(10) prohibits the "use of any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a consumer."

According to Section 611 of the Fair Credit Reporting Act, I am requesting that these items are investigated and deleted from my report as soon as possible. Also in accordance with the FCRA, please FULLY investigate my disputes and verify with the furnisher of information, not just your own data. Be advised that the description of the procedure used to determine the accuracy and completeness of the information is hereby requested as well, to be provided within 15 days of the completion of your reinvestigation.

[Mike_B03]

Nice letter! That could certainly scare them into remove it, I like!