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Need help with Midland

Established Member

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

Message 1 of 11
10 REPLIES
Epic Contributor

Re: Need help with Midland

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

Message 2 of 11
Established Member

Re: Need help with Midland

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

Message 3 of 11
Moderator Emeritus

Re: Need help with Midland

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

 

When did you send the DV?

Message 4 of 11
Established Member

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

Message 5 of 11
Moderator Emeritus

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.

Message 6 of 11
Established Member

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

Message 7 of 11
Moderator Emeritus

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.

Message 8 of 11
Established Member

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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Message 9 of 11
Established Member

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???

 

Message 10 of 11