@Anonymous wrote:
Well I have done a little more research on my collection accounts. I have called the CRA and asked for the DOFD and exlusion date on 5 collection accounts (Midland, PRA & Cavalry). They told me the DOFD on all were split between 1/2009 & 2/2009 and the exclusion dates were going to be 1/2016 & 2/2016.
At this point, would you just recommend to wait it out a few months? Maybe try and see if an EE would be applicable? I was going through them to see if I can settle these to clear my record once and for all, but at this point it may not seem worth it. The last thing I want to do is misstep and re-age an account on accident. Also, once these accounts are dropped, does this mean that they are off of everything forever? My biggest concern is that they would still show up in a separate mortgage report or seen by a lender. I know there are certain Fannie Mae or Freddie Mac regulations about a mortgage loan with collections on the record. I am trying to purchase a house in the next year.
When the debt is Excluded from your CRs, it is not gone forever.
it is still a valid debt, just not displayed any longer. In almost all states, it would also be past the SOL so they would not be able to use the courts to enforce payment.
You are correct, in a combined mortgage pull, if the creditor pays extra, they can get what is called a 'full and factual report' that will show accounts that have been Excluded.
I am not certain as to the time period it goes back to. I have often read that it is 10 years. I have also read that it is more likely to happen if your loan amount is over 150k, but that it doesnt always happen.
There are also times when an employer will pull a full and factual report, usually when a Security Clearance is involved.
Again, I have not been able to find information as to how long it goes back, but I do know it exists.
HTH
