How to Avoid New Baddies/Surprises -- Mortgage, Pre Settlement

[surbee]

hello all!

thanks to all of your wisdom here, i have been able to secure deletes with IC System, AFNI and Jefferson Capital. i also just PIF'd with CapOne and a credit union. also in the works is a cleanup of erroneous reporting by the Depatment of Education. then there are some DV's and more PFD's in the mail. i have lots of clean up to do as you may be gathering!

i am working furiously to clean a bunch up in anticipation of a new hard pull for a mortgage app (FHA) and so the question is...

i have read about new CA's coming out of the woodwork following a mortgage application. (Northland did in the past few weeks as an example.) is there a way to be proactive in potential unknown baddies i may have completely lost sight of or have fallen outside of SOL's? i am nervous about any surprises or long lost accounts popping up. i have scorewatch right now. not sure if that will really assist... but anything else?

advice appreciated. 

[starry1]

Opt out.

[Shogun]

www.optoutprescreen.com

[Mickey11]

Pros and Cons of opting out?

[rckstrscott]

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@Shogun wrote:

www.optoutprescreen.com

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I see this all the time. It does nothing for the mortgage process. Opting out is promotional reasons. Yes, I am aware that JDBs and some other CA's use this as a cheaper/affordable way to 'sniff' but most don't if they already have sniffer services through the CRAs

I opted out long before I applied, 18 months. If a collection agency already has permissible purpose, they already have the services in place that all three CRAs sell to sniff potential applications. All three companies have DEPARTMENTS dedicates to providing their clients, the CA's with all the resources to help them collect on older debt. They have analysts whose sole job is to run through their clients debt database and help them decide what debt is collectable. You run a mortgage application, they will know it. Period. 

Example? See this quote from Experians business services website. http://www.experian.com/consumer-information/collections-products.html

"Collection Triggers is a robust, flexible account monitoring tool that quickly and effectively monitors identifying information on individual unpaid accounts. Clients choose the information they want Experian to track daily and when new information is found, the client is immediately notified."

It may stop some JDBs that are sniffing around, but if you had debt out there, it can come back at mortgage time. And it usually does.

-scott

[dobirdsmommy]

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@rckstrscott wrote:

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@Shogun wrote:

www.optoutprescreen.com

---

I see this all the time. It does nothing for the mortgage process. Opting out is promotional reasons. Yes, I am aware that JDBs and some other CA's use this as a cheaper/affordable way to 'sniff' but most don't if they already have sniffer services through the CRAs

I opted out long before I applied, 18 months. If a collection agency already has permissible purpose, they already have the services in place that all three CRAs sell to sniff potential applications. All three companies have DEPARTMENTS dedicates to providing their clients, the CA's with all the resources to help them collect on older debt. They have analysts whose sole job is to run through their clients debt database and help them decide what debt is collectable. You run a mortgage application, they will know it. Period. 

Example? See this quote from Experians business services website. http://www.experian.com/consumer-information/collections-products.html

"Collection Triggers is a robust, flexible account monitoring tool that quickly and effectively monitors identifying information on individual unpaid accounts. Clients choose the information they want Experian to track daily and when new information is found, the client is immediately notified."

It may stop some JDBs that are sniffing around, but if you had debt out there, it can come back at mortgage time. And it usually does.

-scott

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+1 . I applied for my Chase car loan. I applied 1/8/13... WITHIN 2 days I had a letter from Midland asking me if I "found" or recently "acquired" some new money to pay them off.. PFTTT NEVER NEVER NEVER!

I was told by the LO that they have triggers they pay people for.. If someone runs a FACRO, or KROLL, or Any loan, CA pay people to sniff people out and pop out of the woodwork they come.  Its disgusting.

I am opted out and they were able to do a soft pull on my reports. As long as they have proof of collection or monies due to them they can soft pull for collection purposes. Here is how it read on my TU

C via MIDLAND CREDIT MGMT INC

8875 AERO DR STE 200 SAN DIEGO, CA  92123 (800) 825-8131

Requested On: 01/09/2013 Permissible Purpose: COLLECTION