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Frequent Contributor
Posts: 357
Registered: ‎01-19-2009
0

What is a credit supplement??

I got my committment letter and one of the conditions stated that the lender had to get a credit supplement for an old collection on my credit report. My lender said underwriting was doing a credit supplement but haven't heard anything yet and said everything else is fine. He said they have to get in touch with the credit company??

 

What does this mean?

 

Thanks!


Starting Score: 668
Current Score: 712
Goal Score: 750


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Super Contributor
Posts: 6,875
Registered: ‎07-03-2007

Re: What is a credit supplement??

one thing about this business is that some terms can have different meaning from company to company.

but, likely, this means that the u/w wants an account updated/verified on the credit report. so, whatever service company the lender uses to pull credit will get the account updated to:

- bring it up to date

- prove it is really paid or is really as a result of a much older account

- clear up any confusion about the account, ect

 

a lot of times, this is just a formality and for the file. not always a deal killer 

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

Frequent Contributor
Posts: 357
Registered: ‎01-19-2009
0

Re: What is a credit supplement??

Thanks Dallas! My LO said they wanted to find out what I really owed on it. I doubt if they even hear from them.

 

My LO said I have a clean file other than that and also told me not to worry about it. I just don't want to have to come up with extra money when that is due to fall off in a couple of months.

 


Starting Score: 668
Current Score: 712
Goal Score: 750


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