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When old collections fall off the CR, does that make it easier to get FHA or USDA loan for a home?
It will remove the adverse effect of teh collection on your credit score, so in that respect, it may.
However, depending upon their underwriting criteria, they may require payment of any unpaid delinquent debt.
If so, and they are aware of the debt, such as by including a request for disclosure of any unpaid, delinquent debt in your application papers, then credit report exclusion will not address that issue.
@fdrfan54 wrote:When old collections fall off the CR, does that make it easier to get FHA or USDA loan for a home?
I makes ALL forms of credit easier to obtain.
@RobertEG wrote:
If so, and they are aware of the debt, such as by including a request for disclosure of any unpaid, delinquent debt in your application papers, then credit report exclusion will not address that issue.
I thought I read somewhere that a mortgage app can pull "extended" information that lists "excluded" data from normal reporting ? Which is where people get in trouble by assuming that if its not on the CR they see it wont be discovered ..... but seemingly can be. Have you any knowledge of this or truth?
@Anonymous wrote:
@RobertEG wrote:
If so, and they are aware of the debt, such as by including a request for disclosure of any unpaid, delinquent debt in your application papers, then credit report exclusion will not address that issue.
I thought I read somewhere that a mortgage app can pull "extended" information that lists "excluded" data from normal reporting ? Which is where people get in trouble by assuming that if its not on the CR they see it wont be discovered ..... but seemingly can be. Have you any knowledge of this or truth?
Wil mortgage loans greater than 150K and jobs paying more than 75K a "full factual" report can be run. This will disclose the entire file even ones that have been excluded. However, the CRAs dont usually keep derogs around longer than 10 years, same for closed good accounts and its expensive to run a full factual report so unless there are compelling reasons to run it a regular report is usually pulled.
@Anonymous wrote:
@RobertEG wrote:
If so, and they are aware of the debt, such as by including a request for disclosure of any unpaid, delinquent debt in your application papers, then credit report exclusion will not address that issue.
I thought I read somewhere that a mortgage app can pull "extended" information that lists "excluded" data from normal reporting ? Which is where people get in trouble by assuming that if its not on the CR they see it wont be discovered ..... but seemingly can be. Have you any knowledge of this or truth?
Yes, they *can* pull such extended reports, but in practice, it's just not done. In six months, and 142,000 messages, I've yet to hear one person in this forum state that they have *actually* had it done. Kind of like the great white buffalo....
I've been in the mortgage business over 13 years and am an underwriter - we don't pull any special extended credit reports. The debt you see on your credit report is the debt we saw on the lenders credit report pulled for lending.
Nothing to worry about, I assure you!