@Rodzilla79 wrote:Hello all,
Have been reading the forums for weeks and I not finally have a question. My partner and have started thinking about getting into a home. We went to the mortgage lennder today and she pulled my credit report of course. I had some federal loans that were in default and I consolidated them. I would have rehabbed them, but looking for a home was in the plans at the time. On the FICO credit report it shows the original loans with a 0 balance and that they are transferred to another agency. The collection agency that got those loans list the loans as still being in collection. And of course on my FAKO credit report the collection accounts are listed as closed. SO I guess my questions are:
1. Is it possible the closure wasn't reported to my FICO score yet? A CR is a CR if the lender says they are still open they most likely are, however I would pull copy of own report directly from the CRA and not thru any other agency to see just how it is reporting. CK is known for errors.
2. Do I need to contact the collection agency and request they update their report? (I don't even know if that is an option) If you have paid it dispute it with the CRAs as paid, the thing about this is if it hasnt updated lately when it does its likely to drop the score as FICO does not differentiate between paid & non paid, it will be good for a UW to see it marked as paid though..
3. Any and all advice would be appreciated. I need to get two of scores up about 10 points and we can maybe be eligible for down payment assistance and such.
Thank you in advance for any help suggested!
If you have any other baddies in the closet the mortgage pull is going to bring them to the table as well since they know you have to pay before you can close on the house. Good luck to you 
