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@Sassy_Taurus wrote:
I know that this has 9 times out of 10 been answered but I'm stressed and don't have the patience to search. I was preapproved for a mortgage Wednesday the same day that a new collection hit my reports. It's a sprint account that I signed for for my brother. Long story short didn't know he wasn't paying he told me he changed his number and still had sprint. I immediately paid sprints collection department and was told that they would remove it.
My question is how long does it take? I have a copy of the deletion letter can I now send to the bureaus and have it removed sooner? Will my fico recover once the collection is gone?
Any help would be appreciated. I feel my dream slipping away.
It depends how they request the deletion. Most likely will be requested on next scheduled update day if by E-Oscar 3-5 business days for it to disappear, manual reporting 30-60 days and yes you should recover most if not all of your Fico points.
I would dispute it with the credit bureaus to speed it up.
@stellar wrote:I would dispute it with the credit bureaus to speed it up.
Absolutely do the on-line dispute with the CBAs that now show the collection. I once a collection service state that they were going to remove the collection from my account, because my insurance finally paid the medical bill. 4 months later they still hadn't done it. I sent the letter to the CBA and it was gone before 30 days.
OP, take your deletion letter and provide it to your loan officer. They can do what's called a rapid rescore through one of their credit vendors. It typically takes about three days if you have the proper documentation to provide the bureaus which it sounds like you do. I worked in the mortgage industry for years and we used to do this all the time for clients. It's faster than trying to do it yourself. Good luck to you and don't stress! I'm sure you can get this resolved quickly!