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I just checked my email and have an alert from score watch for my husband. There's a new collection account added and we're supposed to close Wednesday!!!! The collection is from Southern Credit Recovery and we have no idea what it's for! The only thing we can think of is maybe it's an old cell phone like 9 years old ... WHY NOW?
We're going through Suntrust for a USDA loan, anyone had their credit pulled before closing??? His score dropped 40 points
@Anonymous wrote:I just checked my email and have an alert from score watch for my husband. There's a new collection account added and we're supposed to close Wednesday!!!! The collection is from Southern Credit Recovery and we have no idea what it's for! The only thing we can think of is maybe it's an old cell phone like 9 years old ... WHY NOW?
We're going through Suntrust for a USDA loan, anyone had their credit pulled before closing??? His score dropped 40 points
Yea this totally sucks! I was searching this company and came across something saying their into medical collections. If that's what this is then it would be almost 10 years since he's a had a medical bill and that was supposed to be taken care of by the attorney in a settlement.
I guess I'm going to have to go read up on the credit boards because I have no idea what a DV and PFD is lol
I sent an email for the LO telling her I need to speak with her ASAP, she usually don't get in until around 10 - 11am.
This is unreal I've packed just about everything and have the first load ready to go in the van and we just did our walk through last night.
The credit bureaus are in kahoots (sp?) with the collection agencies. They all have special software that alerts the collection agencies of there have been any changes to your credit file that may make you more likely to suck up and pay off a bill. They call them "trigger" alerts. If you clean up your credit and your score rises...here come the collection accoutns again, apply for a mortgage...here they come. It happens all the time and is disgusting practice in my book. You can't work for the consumer and the collection agencies at the same time...shouldn't be allowed.
You may want to post in the rebuilding section of the forums. There is a wealth of information over there, and they can give you great advice on how to get this removed. For one, print out the copy of your credit report that shows the debt is 9 yeas old. PRINT IT OUT! Right now!! As soon as you contact them or dispute in some way they are likely to change the way it's reporting - they often reage debts to make them look newer and be able to keep them on your report longer.
As for the closing...I may have missed htis part, but do you know for sure they are going to repull your reports? Can you find that out first before you go postponing things or putting your home purchase at jeopardy?
Good luck. Go get those scum-suckers.
I had this happen to us on a refinance. I had an old $30 from Kaiser. The LO actually said the bill had to be paid. All we did was provide a copy of the cashier check & a statement that it was paid. No problem.
That being said...if you knew you had a non-paid bill, you should take care of it.
This is our 2nd house and they did not repull before closing. You're probably fine, but be proactive and take care of this.
This JUST happened to me also...I was approved back in the beginning of December for a new build...the started building...and at the end of December a new collection popped up on my EQ credit report...for an old Sprint account....Sprint has no knowledge of this...
I called my LO and he said as long as its old...your okay...so look at the date assigned...and see when it was....sorry this happened to you....GOOD LUCK!!!
@Anonymous wrote:Yea this totally sucks! I was searching this company and came across something saying their into medical collections. If that's what this is then it would be almost 10 years since he's a had a medical bill and that was supposed to be taken care of by the attorney in a settlement.
I guess I'm going to have to go read up on the credit boards because I have no idea what a DV and PFD is lol
I sent an email for the LO telling her I need to speak with her ASAP, she usually don't get in until around 10 - 11am.
This is unreal I've packed just about everything and have the first load ready to go in the van and we just did our walk through last night.
@Anonymous wrote:
WHY NOW?
They most likely got an alert that you had a mortgage inquiry.
This is why people with lots of old bad debt need to opt out
@DallasLoanGuy wrote:
@Anonymous wrote:
WHY NOW?
They most likely got an alert that you had a mortgage inquiry.This is why people with lots of old bad debt need to opt out