Exciting news but also question.

[miamirock21]

I got LVNV funding/ Resurgent LLC to remove a collection from my reoprts. Yay!! For those that want to know. I just went to their website and emailed them after snail mail was not working. That just made me day.

Now a question.

I have 1 more collection on my account that is 6yrs+ old. It is my oldest account opened in 2004. My next oldest is 2006. If I got the collection deleted from my reports and shortened my credit history by 2 years. Would it still reflect better on score/ mortgage approval?

[Shogun]

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@miamirock21 wrote:

I got LVNV funding/ Resurgent LLC to remove a collection from my reoprts. Yay!! For those that want to know. I just went to their website and emailed them after snail mail was not working. That just made me day.

Now a question.

I have 1 more collection on my account that is 6yrs+ old. It is my oldest account opened in 2004. My next oldest is 2006. If I got the collection deleted from my reports and shortened my credit history by 2 years. Would it still reflect better on score/ mortgage approval?

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I'd much rather have a clean report than a dirty one.  If it's a CO or major derog, I'd get it off if I could.

[RobertEG]

Deletion of the collection will have no effect on your age of accounts.

It is not a tradeline of yours, and isnt included in your age of accounts.

If the OC also deleted their reporting, then it would affect your age of accounts.

However, deletion of the collection would come about via agreement from the debt collector.  The OC would not be party to such agreement, and would have to separately decide to delete their account.

The effect of the collection in a subsequent mortgage app process will most likely center on whether it is paid.

Even if the collection were to become excluded from your credit report or deleted by the debt collector, if it remains unpaid, you would still be obligated to disclose it if asked as part of the mortgage app process.

[dashpt]

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@RobertEG wrote:

Deletion of the collection will have no effect on your age of accounts.

It is not a tradeline of yours, and isnt included in your age of accounts.

If the OC also deleted their reporting, then it would affect your age of accounts.

However, deletion of the collection would come about via agreement from the debt collector.  The OC would not be party to such agreement, and would have to separately decide to delete their account.

The effect of the collection in a subsequent mortgage app process will most likely center on whether it is paid.

Even if the collection were to become excluded from your credit report or deleted by the debt collector, if it remains unpaid, you would still be obligated to disclose it if asked as part of the mortgage app process.

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Hi RobertEG  just a quick question in regards to your response to the original poster, if an account has been removed from a credit report due to aging (excluded) and is still unpaid, would the mortage company still require a payment made before approving and appilcation, or would they just require you to disclose the information.

[RobertEG]

It's entirely up to the lendor and/or any regulations in effect regarding approval of mortgages while the consumemr has other delinquent debt.

Credit report exclusion simply hides the presence of unpaid delinquent debt by a pull of your credit report, and seeing a collection with no reporting of paid.

Having unpaid delinquent debt may, for example, be a consideration as to where they will stand in que should their loan later become delinquent.

[EtereoX]

Hi miamirock ... question ... did you just GW them and they deleted? You're talking about the email on the Resergent website right? I don't see one on the LVNV website. Any information you could provide would be awesome, or if you could just PM me the email you used.

Thank you.

[dashpt]

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@RobertEG wrote:

It's entirely up to the lendor and/or any regulations in effect regarding approval of mortgages while the consumemr has other delinquent debt.

Credit report exclusion simply hides the presence of unpaid delinquent debt by a pull of your credit report, and seeing a collection with no reporting of paid.

Having unpaid delinquent debt may, for example, be a consideration as to where they will stand in que should their loan later become delinquent.

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ok I got it, my worry is if I pay it would reset the aging clock and i dont want that....

[RobertEG]

The FCRA is explicit on that point.

It is the DOFD and the DOFD alone that fixes when a collection must be excluded, with the date-certain exclusion date being no later than 7 years plus 180 days from the DOFD.  Payment cannot extend the CR exclusion date.

[dashpt]

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RobertEG wrote:

The FCRA is explicit on that point.

It is the DOFD and the DOFD alone that fixes when a collection must be excluded, with the date-certain exclusion date being no later than 7 years plus 180 days from the DOFD.  Payment cannot extend the CR exclusion date.

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oooook, so I can let them fall off and still pay them and not worry about them messing up my credit with the same old debt......yaayyyy so happy for that info. thats why i never made any payments always thought it would hurt my credit more. thank you Robert

[miamirock21]

Thank you for your responses. I agree that having a clean report is the best way to go. The debt is paid and reports a balance of $0 so that is at least good.

Another question. If the debt is paid and deleted off the report. Can the LO still see it when they pull the credit?