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What is a credit supplement??

Frequent Contributor

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!


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Super Contributor

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 

 

Retired Lender
Message 2 of 3
Frequent Contributor

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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