Need assistance with possible re-aging

[Anonymous]

Back in May we dealt with a ton of flooding here in texas. I need a new roof on my house so I started the process of a cash out refinance.

Late May we ran my credit report, lender said everything looked ok (not a great score but kept me in the game) 640

Fast forward to last week. All of my paperwork looked good, appraisal came in solid and they were about to send over to under writers. They ran my report last Friday and said unforunately my score dropped too low to under write. Its at a 614 now and they said 620 is cutoff.

I couldnt figure out why it dropped so much until I was reviewing my report.

this is what I found...

                                                                              Date Reported                       Date of Last Activity

                                                                                Date of Last Delinquent      Date Opened

PORTFOLIO RECOVERY ASS                            2015-06-14                             2015-06-29

XXXXXXXXXXXXXX                                               2015-06                                   2013-02-20

Derogatory FootNote ACCT SUBMITTED TO

COLLECTION COLL 05-13

Derogatory FootNote PAST DUE PAST $2267 For

$2267

ACCOUNT SUMMARY

ACCT IN DISPUTE

Collection

Closed

Experian, TransUnion

B-1 SYNCB/LUMBER LIQUIDATO                      2013-03                                   2012-09-13

XXXXXXX                                                                2013-03                                   2011-06

Derogatory FootNote CHARGE OFF CHRG $2266

CHRG 11-12 For $2266

ACCT TRANSFERRED

ACCT PURCHASED BY ANOTHER LENDER

CLOSED

ChargeAccount

Transferred

Equifax, Experian, TransUnion

What i am wondering is about is the date of last delinquency. it looks like everything was reset in June to 2015. Im assuming this would be the same as if I just defaulted on the card last month rather than 2012? could this be what is pulling my score down. Is this re-aging or am i all wrong on this and if it is, do I have any recourse?

Unfortunately yesterday was the last day for my interest lock so im soa either way but I am worried that the 2015 has pushed the 7 yr 180 out another two years..

thanks so much

[RobertEG]

The date of exclusion of both the charge-off reported by the OC and of the collection reported by the debt collector will be no later than 7 years plus 180 days from the date of your FIRST delinquency (DOFD) on the OC account, not the date of last delinquency.

Both the OC and debt collector were required to have reported the DOFD to the CRA.

As is common with many commercial credit reports, your report does not provide that date.

Ignore the date of last delinquency, and obtain the DOFD.

[gdale6]

PRA got you because of the mortgage pulls, they updated it to current status date which makes it look like a brand new collection in the eyes of Fico hence the large score drop. You would have had to settle this to close anyway they are just making sure you do I would call them and offer them the PFD, if they wont give it try to get FHA rehab loan they approve as low as 580. welcome to My fico

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/...

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519