Reply
New Visitor
Posts: 1
Registered: ‎01-31-2013
0

Need help with the process of removing collections

Hi there this is my first post in the forum! My husband and I want to buy a house in the near future but our credit issues from 09' are haunting us.  How do you go about removing collections from your credit report? A few collections are currently reporting while a few haven't been reporting for a couple year but are still showing up with balances on my credit report.  Is there  step by step process to address these collection companies in an effort to get them removed from my credit report and move forward with the loan process? 

Established Contributor
Posts: 525
Registered: ‎02-27-2012
0

Re: Need help with the process of removing collections

Welcome! As a start, I would suggest reading the stickies at the top of the rebuilding section. Usually FHA lenders do not want to see any collections over $1k, so take that into consideration. Also, the more recent the collections are the more they are affecting your scores. First thing is identify the lowest hanging fruit that will also put you within the parameters for the mortgage lenders. The process is going to vary from person to person. 


AMEX PRG - NPSL I AMEX Everyday Preferred - $22.8k I Chase Ritz-Carlton - $21k I Chase Sapphire Preferred - $15k I NFCU Flagship Rewards Visa Signature - $10k I NASA FCU - $10k I Texell FCU Visa - $5k I Chase Freedom - $4.8k I Citi Double Cash - $4.8k I NFCU CLOC - $15k I Total Unsecured Credit - $107,200

EQ FICO - 676 (5/6/15) I TU FICO - 690 (5/6/15) I EX FICO - 720 (5/6/15)
Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Need help with the process of removing collections


CreditBanchi wrote:

Hi there this is my first post in the forum! My husband and I want to buy a house in the near future but our credit issues from 09' are haunting us.  How do you go about removing collections from your credit report? A few collections are currently reporting while a few haven't been reporting for a couple year but are still showing up with balances on my credit report.  Is there  step by step process to address these collection companies in an effort to get them removed from my credit report and move forward with the loan process? 


Are they still within SOL for your state?  Do you dispute any of them?  Are they paid? 

 

If they are paid send GW letters,  if your ultimate goal is their removal, offer a pay for delete.   

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.