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Established Member
Posts: 12
Registered: ‎11-17-2008
0

Need help with Midland

Hello all,

 

I am currently trying to get pre approved for an FHA loan to buy a new house.  My scores are Ex: 623, Eq: 641, TU: 642, but the loan officer (Wells Fargo) is telling me that my application will have to be manually underwritten because I have an account in dispute on my credit report.  The problem with a manual underwrite is that they will only loan me up to 41% DTI instead of the usual 45%. 

 

 The account in question is thru Midland Credit Management, in which I sent a DV letter to but heard no response.  Now, they have stopped trying to collect the debt and all that, but they are still screwing me on buying a house. 

 

I guess I just don't know what to do now...  Just pay the debt to get them out of dispute status on my CR?

 

Thanks in advance

Epic Contributor
Posts: 25,818
Registered: ‎10-23-2007
0

Re: Need help with Midland

Have you disputed this with the credit reporting agency's to have it deleted and it comes back verified?

Fico Scores 8: EX 694. TU 689. EQ 658. 05/26/2015
Established Member
Posts: 12
Registered: ‎11-17-2008
0

Re: Need help with Midland

No, I haven't done that...  I need to look into how to do that

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Need help with Midland

If you dispute it, that comment will stay even longer.

 

When did you send the DV?

Established Member
Posts: 12
Registered: ‎11-17-2008
0

Re: Need help with Midland

I mailed out DV on Sept 28, 2009 and got the signed copy of the return request about a week later

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Need help with Midland

2009? If from last year, you could try calling the CRAs and ask them to delete the comment. That may or may not trigger a new dispute though.

Established Member
Posts: 12
Registered: ‎11-17-2008
0

Re: Need help with Midland

So they would just delete the comment and that's it? 

 

But then wouldn't I have to still pay for it, even though they never validated the debt?

 

Thanks

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Need help with Midland


pecic23 wrote:

So they would just delete the comment and that's it? 


It usually works, though I hear EX can be a problem.

 


pecic23 wrote:

But then wouldn't I have to still pay for it, even though they never validated the debt?


Depends on your lender. Some care and some do not. I'd talk with your LO.

Established Member
Posts: 16
Registered: ‎05-26-2010
0

Re: Need help with Midland

I'm not sure how much time you have and I can't say it will for sure work for you, but I got rid of my Midland tradelines by disputing them with the credit bureaus. I never received a response to a DV either.

 

Good luck!


Starting Score (4/2010): 495
Current Score: TU 554 (9/29/10), EQ 531 (10/7/10)
Goal Score (12/31/10): 600


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Established Member
Posts: 12
Registered: ‎11-17-2008
0

Re: Need help with Midland

I'm not sure how much time you have and I can't say it will for sure work for you, but I got rid of my Midland tradelines by disputing them with the credit bureaus. I never received a response to a DV either.

 

 

Melinda, how did you do this???

 

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